liability insurance

An agreement to cover a loss resulting from the insured’s liability to a third party, such as a loss incurred by a driver who injures a pedestrian.

• The insured’s claim under the policy arises once the insured’s liability to a third party has been asserted.

— Also termed third-party insurance; public-liability insurance. [Cases: Insurance 1010. C.J.S. Insurance § 9.]

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