Definition and meaning of Liability Insurance :

Liability Insurance: That insurance which pays and renders service on behalf of an insured for loss arising out of her responsibility to others imposed by law or assumed by contract. (LA)

(Source: InsWeb)

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Definition and meaning of Liquor Liability Insurance :

Liquor Liability Insurance: See Dram Shop Liability Insurance. (LA)

(Source: InsWeb)

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Definition and meaning of Loss Costs :

Loss Costs: In 1989 ISO began a transition from providing advisory base rates to providing only prospec costs, made up of claims payments and loss adjustment expenses. Individual insurers develop their rating factors to reflect their own underwriting expense and profit/contingencies. (LA,PR)

(Source: InsWeb)

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Definition and meaning of M&C :

M&C: See Manufacturers and Contractors Liability Insurance. (LA)

(Source: InsWeb)

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Definition and meaning of Limited Pollution Liability Coverage Form :

Limited Pollution Liability Coverage Form: Commercial form providing pollution liability coverage on a "claims made" basis, but not pr any coverage for clean-up costs. (LA)

(Source: InsWeb)

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Definition and meaning of Parasol Policy :

Parasol Policy: Another name for the Difference in Conditions policy. See Difference in Conditions. (LA)

(Source: InsWeb)

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Definition and meaning of Liability Limits :

Liability Limits: The maximum amount for which a Liabilty Insurance company provides protection in a parti policy. (LA)

(Source: InsWeb)

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Definition and meaning of Libel Insurance :

Libel Insurance: A form of Liability Insurance that protects the insured against legal liability for libelous state he may write. (LA)

(Source: InsWeb)

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Definition and meaning of Limit, Excess :

Limit, Excess: See Excess Limit. (LA)

(Source: InsWeb)

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Definition and meaning of Malpractice :

Malpractice: Professional misconduct or lack of ordinary skill in the performance of a professional act which renders the practitioner liable to suit for damages. (LA)

(Source: InsWeb)

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Definition and meaning of Product Failure Exclusion :

Product Failure Exclusion: See Business Risk Exclusion. (LA)

(Source: InsWeb)

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Definition and meaning of Storekeepers Liability Policy :

Storekeepers Liability Policy: A single limit package policy covering bodily injury and property damage liability claims in the operation of the storekeeper's business. It includes limited coverage on contractual and products liability. (LA)

(Source: InsWeb)

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Definition and meaning of Strict Liability :

Strict Liability: Usually used when referring to Products coverage. The liability that manufacturers and merchandisers may be subject to for defective products sold by them, regardless of fault or negligence. A claimant must prove that the product is defective and therefore unreasonably dangerous. See also Absolute Liability. (LA)

(Source: InsWeb)

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Definition and meaning of Supplemental Extended Reporting Period :

Supplemental Extended Reporting Period: An optional "maxi tail" or "full tail" which extends for an unlimited period of time after expiration of a "claims-made" liability policy, and covers claims made after the policy period. (LA)

(Source: InsWeb)

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Definition and meaning of Supplementary Payments :

Supplementary Payments: A provision in most liability policies under which the insurer agrees to pay defense costs, premiums on various bonds, interest accruing after a judgment, and other reasonable expenses in addition to the limit of liability. (LA)

(Source: InsWeb)

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Definition and meaning of Special Multi-Peril, SMP :

Special Multi-Peril (SMP): A Business policy which combined into one contract the coverages normally purchased under several. Property and Liability coverages were mandatory, Crime and Boiler and Machinery were optional. Many other options and endorsements allowed the SMP to be tailor made for each policyholder. Largely replaced by new commercial forms. See Commercial Package Policy. (LA)

(Source: InsWeb)

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Definition and meaning of Sistership Exclusion :

Sistership Exclusion: A Products Insurance Exclusion which denies coverage for the withdrawal and recall of products from the market. (LA)

(Source: InsWeb)

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Definition and meaning of Sidetrack Agreement :

Sidetrack Agreement: Any agreement between a railroad and a customer who is served by a railroad sidetrack built on his premises. Among other things, it provides that the customer hold the railroad harmless for losses resulting from certain types of accidents. (LA)

(Source: InsWeb)

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Definition and meaning of Sidetrack Insurance :

Sidetrack Insurance: See Sidetrack Agreement. (LA)

(Source: InsWeb)

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Definition and meaning of Sine Qua Non Rule :

Sine Qua Non Rule: This rule says that a person's conduct is not held to be the cause of a loss if the loss would have occurred anyway. (LA)

(Source: InsWeb)

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Definition and meaning of Tail :

Tail: This term has been used to describe both the exposure that exists after expiration of a policy and the coverage that may be purchased to cover that exposure. On "occurrence" forms a claims tail may extend for years after policy expiration, and the losses may be covered. On "claims made" forms tail coverage may be purchased to extend the period for reporting covered claims beyond the policy period. See Mini, Midi, Maxi Tail. (LA)

(Source: InsWeb)

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Definition and meaning of Third Party Insurance :

Third Party Insurance: A term for Liability Insurance. Liability always involves a third party, the one who has suffered a loss, in addition to the insurer and the insured. See also Liability Insurance. (LA)

(Source: InsWeb)

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