liability insurance

liability insurance
A policy or contract of insurance whereby the insurer agrees to protect the insured against liability arising from an act or omission of the insured which causes injury to the person or the property of a third person, the liability of the insurer attaching upon the determination that the insured is liable for such act or omission, notwithstanding the insured has not sustained a loss in payment, voluntary or involuntary, made to the third person. 7 Am J2d Auto Ins § 81; 29A Am J Rev ed Ins § 1343. Such insurance is of recent origin when compared with fire insurance, and was unknown in this country prior to 1887, when it was introduced from England. Employers' Liability Assur. Corp. v C. E. Carnes & Co. (DC La) 24 F 128.

Ballentine's law dictionary. . 1998.

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