- 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 & CorporationsCategory: Personal Finance & RetirementCategory: Small Claims Court & Lawsuits
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 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. Susan Ellis Wild. 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. EdwART. 2013.
Look at other dictionaries:
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