Water Damage Legal Liability Insurance
Definition of "Water damage legal liability insurance"
Coverage for an insured's liability for damage to another's property from leakage or overflow of water. Some liability policies specifically exclude water damage, including that caused by rain or snow. Therefore, a special policy was necessary to cover this exposure. However, most liability policies today have dropped this exclusion, and coverage for water damage liability is part of the regular liability policy.
Popular Insurance Terms
Abuse by an insurer in an effort to avoid paying a claim filed by an insured, or to reduce the size of the payment. The national association of insurance commissioners (naic) has developed ...
Peril that occurs when personal property of two or more people is mixed to such an extent that any one owner can no longer identify his or her property. ...
Provision that covers a business to be protected under a reinsurance treaty. The class either can appear at the beginning of the agreement or may be included in the retention and limits ...
Policy that pays a dividend to its owner. ...
Return of a pro rata portion of an agent's commission for a policy that is canceled prior to its expiration date. A commission is paid to an agent in the expectation that the premium will ...
Fiduciary named in a will to settle an estate of a deceased person. The executor must act as a reasonably prudent man in safeguarding that property in his care, custody, and control. ...
In property insurance, when the insurance policy contains this clause, coinsurance defines the amount of each loss that the company pays according to the following relationship:Amount of ...
Worst case scenario under which an estimate is made of the maximum dollar amount that can be lost if a catastrophe occurs such as a hurricane or firestorm. ...
Same as term Convertible Term Life Insurance: coverage that can be converted into permanent insurance regardless of an insured's physical condition and without a medical examination. The ...
Have a question or comment?
We're here to help.