products liability insurance

products liability insurance

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  • products liability insurance — Insurance that gives protection against legal liability for injury to third parties or damage to their property, arising out of products supplied by the business. Practical Law Dictionary. Glossary of UK, US and international legal terms.… …   Law dictionary

  • products-liability insurance — An insurance policy that pays any compensation the insured is legally liable to pay to customers who are killed, injured, or have property damaged as a result of a defect in a product that they have manufactured or supplied. Costs incurred as a… …   Big dictionary of business and management

  • products liability insurance — A contract or policy of insurance specifically designed to protect the producer, manufacturer, or seller of goods against liability arising by reason of injury to the person or property of others caused by the use of his products. 29A Am J Rev ed …   Ballentine's law dictionary

  • products-guarantee insurance — An insurance policy covering financial loss as a consequence of a fault occurring in a company s product. A product guarantee claim would be made, for example, to pay for the cost of recalling and repairing cars that are found to have a defective …   Big dictionary of business and management

  • products guarantee insurance — Insurance that gives protection against legal liability arising from the product failing to perform its intended function. Liability may be for the cost of making the product good and consequential losses. Practical Law Dictionary. Glossary of UK …   Law dictionary

  • Liability insurance — is a part of the general insurance system of risk financing. Originally, individuals or companies that faced a common peril , formed a group and created a self help fund out of which to pay compensation should any member incur loss. The modern… …   Wikipedia

  • liability insurance — insurance covering the insured against losses arising from injury or damage to another person or property. * * * Insurance against claims of loss or damage for which a policyholder might have to compensate another party. The policy covers losses… …   Universalium

  • public-liability insurance — An insurance policy that pays compensation to a member of the public and court costs in the event of the policyholder being successfully sued for causing death, injury, or damage to property by failing to take reasonable care in his or her… …   Big dictionary of business and management

  • 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 that helps protect professional advice and service providing individuals and companies from… …   Wikipedia

  • public liability insurance — Insurance that gives protection against legal liability for injury to third parties or damage to their property, arising out of and in the course of the business excluding injury or damage resulting from products supplied. Practical Law… …   Law dictionary

  • Directors and officers liability insurance — (often called D O) is liability insurance payable to the directors and officers of a company, or to the organization(s) itself, to cover damages or defense costs in the event they suffer such losses as a result of a lawsuit for alleged wrongful… …   Wikipedia


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