A legal obligation, most often financial, to respond in damages in the event of an accident. It may be imposed by an act of law or assumed under a contract.
A legal obligation, most often financial, to respond in damages in the event of an accident. It may be imposed by an act of law or assumed under a contract.
An event that results in an Insured loss. In some lines of insurance, such as Liability, it is distinguished from accident in that the loss does not have to be sudden and fortuitous and can result from continuous or repeated exposure which results in bodily injury or property damage neither expected nor intended by the Insured.