BNET Business Dictionary
Business Definition for: Liability
- a debt that has no claim on a debtor's assets, or less claim than another debt
Wiktionary Definition for: Liability
- the condition of being liable
- an obligation, debt or responsibility owed to someone
- a handicap that holds one back
- the likelihood of something happening
Additional Resources
- Setting Up a Limited Liability Company
- A limited liability company LLC affords its members limited liability, tax benefits similar to those of partnerships, and better access to financing. However, LLCs also have greater administrative burdens and must disclose more details about the business's finances. This article looks at the advantages and disadvantages of LLCs and describes...
- Articles 2007-10-22
- Effective Use of Limited Liability Companies in Georgia: An Overview of Their Characteristics and Advantages
- The term "limited liability company" has been confusing to many, lawyers and lay people alike, because it triggers two distinct mental associations, (1) with the limited partnership, and (2) with a company or corporation. In fact, these associations are intended, because a limited liability company ("LLC") is an entity that...
- White papers 2003-01-01
- Design Professional Liability Coverage and its Interaction With Contract Terms
- This article will provide an overview of the nature of professional liability policy coverage triggers, professional liability policy deductibles and settlement concerns, the forms such professional liability policies take and the rationale behind the existence of various professional liability forms. In order to highlight the importance of a well-negotiated contract,...
- White papers 2003-01-01
- Contractural liability under CGL still in flux.(commercial general liability insurance)(The FC&S Answer)(Column)
- This Insurance Services Office stood the commercial liability insurance world on its ear a few years ago when it announced its conclusion that the contractual liability cover of its commercial general liability policy does not necessarily cover the defThis Insurance Services Office stood the commercial liability ...
- Research articles 1995-11-27
- Risk Aversion, Liability Rules, and Safety
- This paper investigates the performance of liability rules in two-party stochastic externality problems where negotiations are feasible and side payments are based on the realized level of externalities. Results show that an increase in polluter liability does not necessarily increase safety or efficiency in cases where the polluter is risk...
- White papers 2001-09-01
- How a messy patchwork became a work of liability art. (Corning Inc.'s liability risk-financing program)(1996 Risk Manager of the Year)
- Corning Inc.'s liability risk-financing program, like the company's property insurance program, was no piece of art in June 1994. Its domestic and international programs consisted of several separate general liability and professional liability placemCorning Inc.'s liability risk-financing program, like the company's property insurance program, was...
- Research articles 1996-04-22
- Senate committee okays product liability bill.
- Senate Committee Okays Product Liability Bill WASHINGTON -- The Senate Commerce Committee has approved a federal product liability reform bill. The legislation would create incentives for parties in a product liability action to settle their dispuSenate Committee Okays Product Liability Bill ...
- Research articles 1990-05-28
- Excess markets see growth; Bermuda's excess, D&O liability writers expect former rates.(AON Re Inc.; Chubb Corp.)
- Following a lull in recent years, the excess liability and directors and officers liability markets in Bermuda are poised for a resurgence, insurers and brokers on the island say. As in many markets, liability insurers in Bermuda are predicting an en Following a lull in recent...
- Research articles 2000-11-13
- Product Liability Reform Seen.
- A leading product liability reform advocate is insisting that product liability reform legislation will likely be approved by the Senate by Aug. 10 despite reports to the contrary. "The Product Liability Reform Act of 1998 is expected to be votedA leading product liability reform advocate is...
- Research articles 1998-07-20
- Sue the rascals. (General Motors liability suit) (Editorial)
- The recent award of $105 million to the plaintiffs against General Motors in a product liability case has brought about new demands for limits in liability cases. In truth, liability suit numbers are decreasing, but some limits on pain and suffering damagThe recent award of $105 million to the plaintiffs...
- Research articles 1993-02-13
- UMBRELLA & EXCESS LIABILITY.(companies offering such insurance)(Illustration)
- An umbrella liability policy accomplishes three purposes, the net effect of which is an "Uumbrella" of blanket catastrophe excess liability protection. These three purposes are: 1. Excess coverage over other liability insurance carried by thAn umbrella liability policy accomplishes three purposes, the net effect of...
- Research articles 1998-07-27
- Lloyd's market ponders limited liability scheme. (plan to allow Lloyd's Names to move from unlimited liability to limited liability)
- Now that the first plan designed to allow existing individual Lloyd's Names to move from unlimited liability to limited liability has been unveiled, will the 305-year-old market see a sudden rush of members resigning their current status? Under th Now that the first...
- Research articles 1994-11-14
- Euclid offers MPL liability policy.(Products & Services)(manufacturing professional liability)(Chubb Corp. has developed a modular insurance policy)(Lexington Insurance Co. increases services)
- Euclid offers MPL liability policy KANSAS CITY, Mo.-Euclid Managers L.L.C., an underwriting manager and claim administrator for Internet, tech, media and manufacturing professional liability, is offering a miscellaneous professional liability insu Euclid offers MPL liability policy KANSAS CITY, Mo.-Euclid Managers...
- Research articles 2007-05-28
- Chevron, Exxon, Shell Sidestep Long-Term CO2 Storage Liability in Gorgon Deal
- Chevron is no stranger to liability. The super major energy company faces a $27 billion lawsuit over allegations of environmental pollution in Ecuador's Amazon. Exxon Mobil and Royal Dutch Shell also have grappled with a number of costly lawsuits over the years. It's safe to...
- Blog posts 2009-09-17
- Liability coverage 2
- One of the basic coverage categories of a homeowner's insurance policy is liability insurance. Liability insurance protects you and other members of your household, including your pets, from accidental bodily injury or property damage for which you are held liable. Liability insurance does not protect you and your household members...
- White papers 2003-09-08
- Liability Coverage For Breaches Of Contract
- Knowledgeable people think that liability insurance is for accidents. Standardized liability insurance policies-homeowners, auto and commercial general liability-are worded so that the idea of an accident is at the heart of the central coverage. Mostly, liability for accidents is handled through a part of the tort law-the law of negligence....
- Case studies 2000-11-20
- Liability for Accidents
- This paper presents a survey of legal liability for accidents addressing three general aspects of accident liability. The first is the effect of liability on incentives, both whether to engage in activities and how much care to exercise to reduce risk when so doing. The second general aspect concerns risk-bearing...
- White papers 2005-11-01
- SCOPE OF COVERAGE KEY TO LIABILITY POLICY.
- The backbone of the insurance program for International Speedway Corp./NASCAR is the spectator/participant liability insurance policy. Essentially a general liability policy specific to the motor sports industry, ``this is the broadest liability po The backbone of the insurance program for International Speedway Corp./NASCAR...
- Research articles 1999-04-12
- Product liability showdown. (House and Senate product liability regulations)
- Here's what Congress' proposed product liability reforms would mean to the construction equipment industry Product liability is one of the most frustrating issues facing companies that make and sell construction equipment. Most equipment manuf Here's what Congress' proposed product...
- Research articles 1996-04-01
- LLCs don't always guarantee shield from personal liability.(limited liability companies)(Brief Article)
- Ohio businesses are approaching their seventh anniversary of being able to organize as limited liability companies, a structure intended to pass through to the equity owners all the tax benefits of a partnership with the liability protection afforded Ohio businesses are approaching their seventh anniversary of...
- Research articles 2001-02-12
