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
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Mathematical determination based on the expectation of loss and the benefits to be paid in such an eventuality. The premium charged will vary directly with the probability of loss. ...
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Value of property as established by the price a willing buyer would pay for property purchased from a willing seller, compared with the replacement cost of damaged or destroyed property ...
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