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Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
A 'third party', as defined in OCC 2013–29, is any entity that a company does business with. [2] This may include suppliers, vendors, contract manufacturers, business partners and affiliates, brokers, distributors, resellers, and agents. [2]
Third party liability may refer to: Vicarious liability, a legal doctrine; Third-party liability in insurance This page was last edited on 7 ...
A limited liability form separates the owner(s) from the business. The limited liability form essentially acts as a corporate veil that protects owners from liabilities of the business. [2] This means that when a business is found liable in a case, the owners are not themselves liable; rather, the business is.
The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, who is authorized to act on behalf of another (called the principal) to create legal relations with a third party. [1]
Third-party insurance - A third party may claim under an insurance policy made for their benefit, even though that party did not pay the premiums. Contracts for the benefit of a group , where a contract to supply a service is made in one person's name but is intended to sue at common law if the contract is breached; there is no privity of ...
A current ratio below 1.0 suggests that a company’s liabilities due in a year or less are greater than its assets. A low current ratio could indicate that the company may struggle to meet its ...
Liability, on the other hand, will not be shared equally unless express provisions indicate such possibility. Each general partner is deemed the agent of the partnership. Therefore, if that partner is apparently carrying on partnership business, all general partners can be held out as partners for his dealings with third persons.