Liability insurance business definition

Liability insurance business means the business of effecting and carrying out contracts of insurance, against risks of the persons insured incurring liabilities to third parties, not being risks arising out of, or in connection with the use of motor vehicles or out of, or in connection with the use of vessels or aircraft or risks incidental to the construction, repair or docking of vessels or aircraft.
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Liability insurance business means the business of effecting and carrying out contracts of insurance, against risks of the persons insured incurring liabilities to third parties, not being risks arising out of, or in connection with the use of motor vehicles or out of, or in connection with the use of vessels or aircraft or risks incidental to the construction, repair or docking of vessels or aircraft. Where the principal object of a contract of insurance is to insure a person against risks of such kinds that the business of effecting and carrying out contracts of insurance against such risks constitutes property insurance business, a company shall not for the purpose of this Act be treated as carrying on liability insurance business by reason only of the incidental inclusion in such a contract of a provision whereby the company assumes liability against the risk of the person insured incurring liabilities to third parties.
Sample 1Sample 2Sample 3
Liability insurance business means the business of effecting and carrying out contracts of insurance against risks of the persons insured incurring liabilities to third parties;
Sample 1Sample 2

Examples of Liability insurance business in a sentence

  • The Syndicate’s principal activity is the underwriting of Property and Liability insurance business in the Lloyd’s market.

  • In broad terms, the market value of Employer Liability insurance business (total premiums) is estimated to be around £800 million in the UK in 2010 (ABI, 2011).

  • The Total Invested Assets for the Property and Liability insurance business shall be segregated and maintained separately from the Total Invested Assets held for the Insurance of Persons and Fund Accumulation operations.

  • Fitness World will have general Liability insurance, business interruption insurance, workman’s compensation, fire insurance, business life insurance, as well as auto machinery coverage in addition to extra expense insurance.

  • Figure 2 shows the predicted movements in the US$ based market prices of the various commodities that influence the price of network plant and equipment.

  • This appointment shall apply only with respect to Workers' Compensation and Employers Liability insurance business (hereinafter the "Stirling Xxxxx Florida Agency Captive Program") produced by manager as set forth in the attached Addendum to this Agreement.

  • The following insurance policies are required within the scope of this contract in the minimum amounts indicated hereafter within fifteen (15) days of the notification of the contract (to be adapted): - Liability insurance, business manager;- Insurance covering its ten-year obligation, where necessary.

Related to Liability insurance business

  • D&O Liability Insurance Policies means all insurance policies (including any “tail policy”) of any of the Debtors for liability of any current or former directors, managers, officers, and members.

  • Professional liability insurance means insurance against legal liability incident to the practice of a profession and provision of a professional service.

  • Insurance means (i) all insurance policies covering any or all of the Collateral (regardless of whether the Collateral Agent is the loss payee thereof) and (ii) any key man life insurance policies.

  • Coverage means the types of persons to be eligible as the beneficiaries of the Scheme to health services provided under the Scheme, subject to the terms, conditions and limitations.