Liability Insurance Glossary

J

• Personal and Advertising Injury: Liability coverage that protects against claims of harm arising from offenses such as libel, slander, defamation, copyright infringement, invasion of privacy, or false advertising.
• Policy Period: The duration of time during which an insurance policy provides coverage, typically beginning on the policy's effective date and ending on its expiration date.
• Product Liability Insurance: Product Liability Insurance covers protects manufacturers, distributors, retailers, and other parties against claims arising from bodily injury or property damage caused by products sold, manufactured, or distributed by the insured.
• Product Recall: The process where a manufacturer or distributor withdraws defective products from consumers to address safety concerns, comply with regulations, or mitigate potential legal liabilities.
• Property Damage: Physical injury to or destruction of tangible property, including buildings, vehicles, equipment, or other assets, caused by an insured event or covered peril.
• Public Liability Insurance: This insurance coverage protects against claims for bodily injury or property damage arising from the insured's operations or premises and affecting members of the public, customers, clients, or visitors.
• Pure Financial Loss: An economic loss that occurs without any accompanying physical damage to property or bodily injury. Examples include lost profits, business interruption, or a decrease in market value.
• Public Entities: Organizations such as government bodies, municipalities, school districts, or public utilities that provide services to the public and are subject to specific liability and regulatory standards.