risk of loss


risk of loss
The responsibility a carrier, borrower, or user of property or goods assumes, or an insurance company agrees to cover, if there is damage or loss.
Category: Business, LLCs & Corporations
Category: Personal Finance & Retirement
Category: Small Claims Court & Lawsuits

Nolo’s Plain-English Law Dictionary. . 2009.


risk of loss
n. A financial risk of being responsible for destruction or damage or the inability to locate property that a party may get stuck with when a transfer of property is occurring. According to the Uniform Commercial Code, the risk is borne by the seller until some contractual event occurs, at which point the risk shifts to the buyer. The phrase is also used in insurance contracts to denote the hazards that are covered by the insurance policy.

Webster's New World Law Dictionary. . 2000.

risk of loss
n.
   the responsibility a carrier, borrower or user of property or goods assumes or an insurance company agrees to cover if there is damage or loss.
   See also: risk

Law dictionary. . 2013.

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