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LIABILITY INSURANCE
A liability policy covers the legal liability of a person or corporation to pay compensation to others. The insured must be legally liable for the injury or damage. Liabilities that are covered under a liability policy can arise in tort, in contract or under statute. General liability policy insurance provides for the claims settlement, the defence of lawsuits brought against the insured including the payment of judgment sums up to the limits specified in the policy. The insured’s cooperation and assistance is required in the defence of the claim.
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