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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

General Liability Insurance


Synonyms:answerability, protection, responsibility, security
Filed Under: insurance
Tags: insurance, liability insurance
 

Definition of general liability insurance

general liability insurance
1. An insurance policy designed to shield businesses and individuals from liability exposure in a wide range of contingencies. Covered exposures can include liability from accidents occurring on insured property, damages from sold products,

Related Terms and Acronyms:

  • employers liability insurance (ELI)   Insurance purchased to cover businesses for liability from workplace accidents.
  • homeowners insurance   A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.
  • liability   A situation where one party is found to be legally responsible for something.
  • liability insurance   Insurance that provides coverage for damages caused by an individual or entity's negligence or legal responsibilities.
  • loss payable clause   An insurance policy provision for payment of a claim to someone, other than the insured's interest in the insured property. This clause basically allows an insurer to make payments to a third party in certain circumstances.
  • multiline insurance policy   A combination of different insurance policies that are rolled into a single insurance policy.
  • named perils   Risks that are specifically listed as being covered in an insurance policy.
  • professional liability insurance (PLI)   Insurance that covers professionals for liabilities occurring due to negligence or harm in a product or service they provide.
  • renter's insurance   Insurance that covers renters for liabilities or damages occurring to or within insured property.
  • wrap-up insurance   Liability insurance that covers workers on large-scale construction projects.

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