A Liability Loss Exposure presents the possibility of a claim alleging legal responsibility of a person or business for injury or damage suffered by another party.
A liability loss is a claim for monetary damages because of injury to another party or damage to another party’s property.
Liability claims might result from bodily injury, property damage, libel, slander, humiliation, defamation, invasion of privacy and similar occurrences.
Legal Liability
Legal liability means that a person or organization is legally responsible, or liable, for injury or damage suffered by another person or organization.
Sources of Law
The legal system in the
· The Constitution, which is the source of constitutional law
· Legislative bodies, which is the source of statutory law
· Court decisions, which is the source of common law
Constitutional Law
Constitutional law consists of the Constitution itself and all the decisions of the Supreme Court that involve the Constitution.
Statutory Law
Statutory law consists of the formal laws, or statues enacted by federal, state, or local legislative bodies.
Common Law
Common law or case law consists of a body of principles and rules established over time by courts on case-by-case basis.
Liability Loss Exposures and Policy Provisions
