Liability Insurance Law and Legal Definition

According to 6 USCS § 444, the term "liability insurance" means insurance for legal liabilities incurred by the insured resulting from-

(i) loss of or damage to property of others;

(ii) ensuing loss of income or extra expense incurred because of loss of or damage to property of others;

(iii) bodily injury (including) to persons other than the insured or its employees; or

(iv) loss resulting from debt or default of another.