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Liability insurance

Index Liability insurance

Liability insurance is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims. [1]

49 relations: Asbestos, Breach of contract, California courts of appeal, Case law, Class action, Common law, Complaint, Consideration, Consumer Protection Act 1987, Contingent fee, Court, Crime, Cumis counsel, Damages, Decennial liability, Diethylstilbestrol, Employment, Employment Practices Liability, Evidence (law), Injury, Insurance, Insurance bad faith, Insurance policy, Jurisdiction (area), Lawsuit, Legal liability, Loss of consortium, Mens rea, Negligence, Opportunity cost, Organized crime, Policy, Pollution insurance, Portfolio (finance), Product Liability Directive 1985, Professional liability insurance, Proximate cause, Public liability, Public policy, Relevance (law), Risk financing, Sophie's Choice (novel), Statute of limitations, Strict liability, Sunk cost, Supreme Court of Canada, Supreme Court of the United States, Toxic tort, United States.

Asbestos

Asbestos is a set of six naturally occurring silicate minerals, which all have in common their eponymous asbestiform habit: i.e. long (roughly 1:20 aspect ratio), thin fibrous crystals, with each visible fiber composed of millions of microscopic "fibrils" that can be released by abrasion and other processes.

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Breach of contract

Breach of contract is a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance.

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California courts of appeal

The California courts of appeal are the state intermediate appellate courts in the U.S. state of California.

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Case law

Case law is a set of past rulings by tribunals that meet their respective jurisdictions' rules to be cited as precedent.

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Class action

A class action, class suit, or representative action is a type of lawsuit where one of the parties is a group of people who are represented collectively by a member of that group.

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Common law

Common law (also known as judicial precedent or judge-made law, or case law) is that body of law derived from judicial decisions of courts and similar tribunals.

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Complaint

In legal terminology, a complaint is any formal legal document that sets out the facts and legal reasons (see: cause of action) that the filing party or parties (the plaintiff(s)) believes are sufficient to support a claim against the party or parties against whom the claim is brought (the defendant(s)) that entitles the plaintiff(s) to a remedy (either money damages or injunctive relief).

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Consideration

Consideration is a concept of English common law and is a necessity for simple contracts but not for special contracts (contracts by deed).

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Consumer Protection Act 1987

The Consumer Protection Act 1987 is an Act of the Parliament of the United Kingdom that made important changes to the consumer law of the United Kingdom.

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Contingent fee

A contingent fee or contingency fee (in the United States) or conditional fee (in England and Wales) is any fee for services provided where the fee is payable only if there is a favourable result.

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Court

A court is a tribunal, often as a government institution, with the authority to adjudicate legal disputes between parties and carry out the administration of justice in civil, criminal, and administrative matters in accordance with the rule of law.

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Crime

In ordinary language, a crime is an unlawful act punishable by a state or other authority.

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Cumis counsel

A Cumis counsel is "an attorney employed by a defendant in a lawsuit when there is a liability insurance policy supposedly covering the claim, but there is a conflict of interest between the insurance company and the insured defendant.".

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Damages

In law, damages are an award, typically of money, to be paid to a person as compensation for loss or injury.

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Decennial liability

Decennial liability insurance or "Inherent Defect Insurance" is insurance that is taken out (by the contractor or principal) to cover costs associated with the potential collapse of the building after completion.

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Diethylstilbestrol

Diethylstilbestrol (DES), also known as stilbestrol or stilboestrol, is an estrogen medication which is mostly no longer used.

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Employment

Employment is a relationship between two parties, usually based on a contract where work is paid for, where one party, which may be a corporation, for profit, not-for-profit organization, co-operative or other entity is the employer and the other is the employee.

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Employment Practices Liability

Employment Practices Liability is an area of United States law that deals with wrongful termination, sexual harassment, discrimination, invasion of privacy, false imprisonment, breach of contract, emotional distress, and wage and hour law violations.

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Evidence (law)

The law of evidence, also known as the rules of evidence, encompasses the rules and legal principles that govern the proof of facts in a legal proceeding.

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Injury

Injury, also known as physical trauma, is damage to the body caused by external force.

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Insurance

Insurance is a means of protection from financial loss.

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Insurance bad faith

Insurance bad faith is a legal term of art unique to the law of the United States (but with parallels elsewhere, particularly Canada) that describes a tort claim that an insured person may have against an insurance company for its bad acts.

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Insurance policy

In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay.

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Jurisdiction (area)

A jurisdiction is an area with a set of laws under the control of a system of courts or government entity which are different from neighbouring areas.

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Lawsuit

A lawsuit (or suit in law) is "a vernacular term for a suit, action, or cause instituted or depending between two private persons in the courts of law." A lawsuit is any proceeding by a party or parties against another in a court of law.

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Legal liability

In law, liable means "esponsible or answerable in law; legally obligated." Legal liability concerns both civil law and criminal law and can arise from various areas of law, such as contracts, torts, taxes, or fines given by government agencies.

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Loss of consortium

Loss of consortium is a term used in the law of torts that refers to the deprivation of the benefits of a family relationship due to injuries caused by a tortfeasor.

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Mens rea

Mens rea (Law Latin for "guilty mind") is the mental element of a person's intention to commit a crime; or knowledge that one's action or lack of action would cause a crime to be committed.

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Negligence

Negligence (Lat. negligentia) is a failure to exercise appropriate and or ethical ruled care expected to be exercised amongst specified circumstances.

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Opportunity cost

In microeconomic theory, the opportunity cost, also known as alternative cost, is the value (not a benefit) of the choice in terms of the best alternative while making a decision.

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Organized crime

Organized crime is a category of transnational, national, or local groupings of highly centralized enterprises run by criminals who intend to engage in illegal activity, most commonly for money and profit.

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Policy

A policy is a deliberate system of principles to guide decisions and achieve rational outcomes.

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Pollution insurance

Pollution insurance is a type of insurance that covers costs related to pollution.

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Portfolio (finance)

In finance, a portfolio is a collection of investments held by an investment company, hedge fund, financial institution or individual.

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Product Liability Directive 1985

The Product Liability Directive is a directive of the Council of the European Union that created a regime of strict liability for defective products.

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Professional liability insurance

Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.

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Proximate cause

In the law, a proximate cause is an event sufficiently related to an injury that the courts deem the event to be the cause of that injury.

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Public liability

Public liability is part of the law of tort which focuses on civil wrongs.

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Public policy

Public policy is the principled guide to action taken by the administrative executive branches of the state with regard to a class of issues, in a manner consistent with law and institutional customs.

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Relevance (law)

Relevance, in the common law of evidence, is the tendency of a given item of evidence to prove or disprove one of the legal elements of the case, or to have probative value to make one of the elements of the case likelier or not.

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Risk financing

In business economics, risk financing is concerned with providing funds to cover the financial effect of unexpected losses experienced by a firm.

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Sophie's Choice (novel)

Sophie's Choice is a 1979 novel by American author William Styron.

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Statute of limitations

Statutes of limitations are laws passed by legislative bodies in common law systems to set the maximum time after an event within which legal proceedings may be initiated.

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Strict liability

In criminal and civil law, strict liability is a standard of liability under which a person is legally responsible for the consequences flowing from an activity even in the absence of fault or criminal intent on the part of the defendant.

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Sunk cost

In economics and business decision-making, a sunk cost is a cost that has already been incurred and cannot be recovered (also known as retrospective cost).

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Supreme Court of Canada

The Supreme Court of Canada (Cour suprême du Canada) is the highest court of Canada, the final court of appeals in the Canadian justice system.

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Supreme Court of the United States

The Supreme Court of the United States (sometimes colloquially referred to by the acronym SCOTUS) is the highest federal court of the United States.

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Toxic tort

A toxic tort claim is a specific type of personal injury lawsuit in which the plaintiff claims that exposure to a chemical or dangerous substance caused the plaintiff's injury or disease.

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United States

The United States of America (USA), commonly known as the United States (U.S.) or America, is a federal republic composed of 50 states, a federal district, five major self-governing territories, and various possessions.

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Redirects here:

3rd party insurance, General liability insurance, Liability Insurance, Liability coverage, Public liability insurance, Third party insurance.

References

[1] https://en.wikipedia.org/wiki/Liability_insurance

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