Exclusions, Business Liability Insurance
Definition of "Exclusions, business liability insurance"
Provision used to avoid duplication of coverage in other policies; to eliminate coverage for property under the care, custody, and control of an insured business; as well as to avoid liability arising out of contractual obligations between the insured business and another party; liability associated with recall of the insured business's products; liability associated with the insured business's pollution and contamination exposure; and liability that may arise if the insured business is found to be in conflict with state liquor regulations.
Popular Insurance Terms
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Paid-in surplus, revaluation surplus, and donated surplus. This surplus includes all sources of surplus with the exception of earned surplus. ...
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Risk-creating device as compared with insurance, which is a risk-reducing or -eliminating device. This is a form of speculative risk. ...
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Cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. For example, a 10-year-old living room sofa will not be replaced at ...
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