owner's liability insurance

owner’s liability insurance

Insurance which protects the owner against claims arising from his ownership of property and which may be extended to cover claims which may arise from operations of others under the construction contract.
References in periodicals archive ?
First, by mandating that every resident have renters' insurance, property managers can reduce the owner's liability insurance payments because they have lowered the risk at the property, which in turn can lower the insurance premium assigned to the community.
By way of example, the Department pointed out that New York Vehicle and Traffic Law Section 313(1)(a), which applies to the cancellation of an owner's liability insurance policy, requires that a "notice of termination [be sent] by regular mail, with a certificate of mailing, properly endorsed by the postal service" The Department then contrasted this provision with New York Insurance Law Section 3442(n)(2)(A) which applies to cancellation of an account group policies and instructs that such a notice "shall not become effective until fifteen days after the insurer mails or delivers written notice of cancellation to the group policy holder at the mailing address show in the policy.