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 — The liability of the manufacturer or seller of an article for an injury caused to person or property by a defect in or condition of the article sold. 46 Am J1st Sales § 799. The liability of a manufacturer or packer of drugs or poisonous sub… … Ballentine's law dictionary
products liability — The liability of manufacturers and other persons for defective products. Under the Consumer Protection Act (1987), passed to conform with the requirements of EU law, the producer of a defective product that causes death or personal injury or… … 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-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
liability — li·a·bil·i·ty /ˌlī ə bi lə tē/ n pl ties 1: the quality or state of being liable 2: something for which one is liable: as a: a financial obligation: debt tax liability the bonds … Law dictionary
products — I noun articles of commerce, assets, chattels, commodities, consumer durable, durables, effects, goods, holdings, items, line of goods, manufactured goods, merchandise, produce, produced materials, resources, staples, stock in trade, supplies,… … Law dictionary
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
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
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
