Definition of "Liability"

Stacy Priehs real estate agent
Stacy Priehs, Real Estate Agent O'Connor Realty

Legal obligation to perform or not perform specified act (s). In insurance the concern is with the circumstance in which one party's property is damaged or destroyed, or that party incurs bodily injury as the result of the negligent acts or omissions of another party. Liability insurance is designed to provide coverage for exposure on either a business or a personal basis.

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