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public house
(redirected from Licensed Property)

   Also found in: Wikipedia, Hutchinson 0.07 sec.

public house

 or pub

Establishment that serves alcoholic beverages for consumption on the premises, especially in Britain. Under English common law, inns and taverns were declared public houses responsible for the well-being of travelers. They were expected to receive all travelers in reasonable condition who were willing to pay for food, drink, and lodging. In Tudor England, certain innkeepers were obliged by royal act to maintain stables; others served as unofficial postmasters. The early public houses were identified by simple signs that featured creatures such as lions, dolphins, or swans. In the 18th century, the word Arms was added to many pub names to indicate that the establishment was under the protection of a noble family. Though British public houses were traditionally owned and operated by independent licensed proprietors, by the early 20th century many were owned or associated with brewery companies.


public house
1. Brit the formal name for pub
2. US and Canadian an inn, tavern, or small hotel


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Essentially, once a company has determined its tolerance for self-retained risks, those risks can be transferred to a newly formed domestic (not "off-shore") licensed property and casualty insurance company, typically controlled by the shareholders of the operating company.
Overall, the state's 603 licensed property and casualty insurers earned $58.
The final argument we hear often is more of a scare tactic for private owners than anything else, because it claims that licensed property managers will demand higher salaries.
 
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