What is ‘Water Damage Legal Liability Insurance’
A policy that provides financial protection to a person or business that unintentionally causes water damage to the property of another. Water damage legal liability insurance is not included in all policies, so the insured should read his or her insurance contract carefully to determine if this coverage is included.
Explaining ‘Water Damage Legal Liability Insurance’
For example, if the owner of a second-floor condo unit experienced a water heater explosion and the water leaked into any units on the first floor, water damage legal liability insurance would protect the owners of the second-floor condo by providing the money to repair the damage to the first-floor units. This kind of insurance can also benefit renters, as renters don’t own the property they occupy, they can be held liable for water damage to their own unit as well as neighbors’ units.
Further Reading
- Pollution liability and insurance: an application of economic theory – www.jstor.org [PDF]
- The rise and fall of commercial liability insurance – www.jstor.org [PDF]
- Application of Liability Insurance in Mass Tort of Risky Society [J] – en.cnki.com.cn [PDF]
- The Issue on The System of Environmental Liability Insurance——and on socialization of environmental damage compensation [J] – en.cnki.com.cn [PDF]
- The role of aviation laws and legal liability in aviation disasters: A financial market perspective – www.sciencedirect.com [PDF]
- … of the implementation of the directive 2004/35/EC on environmental liability with regard to the prevention and remedying of environmental damage at European level – www.tandfonline.com [PDF]
- Mandating environmental liability insurance – heinonline.org [PDF]
