Maximum Limit of Liability Definition | Law Insider (2024)

  • Limit of Liability means, with respect to any Insuring Agreement, the limit of liability of the Underwriter for any Single Loss covered by such Insuring Agreement as set forth under the heading “Limit of Liability” in Item 3 of the Declarations or in any Rider for such Insuring Agreement.

  • Maximum Liability has the meaning assigned to such term in Section 10.10.

  • Limitation of Liability Insert the following Section 15, after Section 14:

  • Maximum Limit means that number of issued Shares representing 10% of the total number of issued Shares as at the date of the passing of this Resolution (excluding any Shares which are held as treasury shares as at that date); and

  • Liability Cap has the meaning ascribed to it in paragraph 1 of Schedule 9;

  • Indemnity Cap has the meaning set forth in Section 8.4.3.

  • Aggregate Limit shall have the meaning assigned to such term in Section 1.1 hereof.

  • Loss in excess of policy limits means 90.0% of any amount paid or payable by the Company in excess of its policy limits, but otherwise within the terms of its policy, such loss in excess of the Company’s policy limits having been incurred because of, but not limited to, failure by the Company to settle within the policy limits or by reason of the Company’s alleged or actual negligence, fraud or bad faith in rejecting an offer of settlement or in the preparation of the defense or in the trial of an action against its insured or reinsured or in the preparation or prosecution of an appeal consequent upon such an action.

  • Limit of Indemnity means the amount stated in the Schedule pursuant to Clause 5 of this Policy.

  • Defects Liability Period means the warranty period following the taking over, during which the Contractor is responsible for making good, defects and damage in Goods and Services provided, under the Contract.

  • Daily Maximum Limit means the maximum allowable discharge of a pollutant during a calendar day. Expressed as units of mass, the daily discharge is cumulative mass discharged over the course of the day. Expressed as a concentration, it is the arithmetic average of all measurements taken that day.

  • Indemnification Cap has the meaning set forth in Section 9.4(a).

  • Defects Liability Expiry Certificate means the certificate to be issued by the Client to the Contractor, in accordance with the Contract.

  • Maximum Daily Limit means the maximum allowable "Daily Concentration" (defined above) when expressed as a concentration (e.g. mg/l), otherwise, it means the maximum allowable "Daily Quantity" as defined above, unless it is expressed as a flow quantity. If expressed as a flow quantity it means "Maximum Daily Flow" as defined in Section 22a-430-3(a) of the RCSA.

  • Defects Liability Period (Warranty Period) means the period stated in the Schedule A Special Stipulations, following the taking over, during which the Contractor is responsible for making good defects and damage in accordance with Clause 15.

  • Indemnity Amount means the amount of any indemnification obligation payable under the Basic Documents.

  • Indemnification Obligations means each of the Debtors’ indemnification obligations in place as of the Effective Date, whether in the bylaws, certificates of incorporation or formation, limited liability company agreements, other organizational or formation documents, board resolutions, management or indemnification agreements, or employment or other contracts, for their current and former directors, officers, managers, employees, attorneys, accountants, investment bankers, and other professionals and agents of the Debtors, as applicable.

  • Cover Damages means, with respect to any Delivery Shortfall, an amount equal to (a) the positive net amount, if, any, by which the Replacement Price exceeds the applicable Price that would have been paid pursuant to Section 5.1 and the Cover Sheet, multiplied by the quantity of that Delivery Shortfall, plus (b) any applicable penalties and other costs assessed by ISO-NE or any other Person against Buyer as a result of Seller’s failure to deliver such Products in accordance with the terms of this Agreement. Buyer shall provide a statement for the applicable period explaining in reasonable detail the calculation of any Cover Damages.

  • Minimum Essential Coverage has the meaning given in the Affordable Care Act, 26 U.S.C. §5000A(f).

  • Maximum Line means $5,000,000, unless said amount is reduced pursuant to Section 2.6, in which event it means the amount to which said amount is reduced.

  • Gross Liability Value means, with respect to any Liability of the Partnership described in Treasury Regulation Section 1.752-7(b)(3)(i), the amount of cash that a willing assignor would pay to a willing assignee to assume such Liability in an arm’s-length transaction.

  • Legal Liability means responsibility which courts recognize and enforce between persons who sue one another.

  • Indemnification Obligation means any existing or future obligation of any Debtor to indemnify current and former directors, officers, members, managers, agents or employees of any of the Debtors who served in such capacity, with respect to or based upon such service or any act or omission taken or not taken in any of such capacities, or for or on behalf of any Debtor, whether pursuant to agreement, the Debtors’ respective memoranda, articles or certificates of incorporation or formation, corporate charters, bylaws, operating agreements, limited liability company agreements, or similar corporate or organizational documents or other applicable contract or law in effect as of the Effective Date, excluding any obligation to indemnify any of the foregoing parties with respect to any act or omission for or on behalf of the Debtors arising out of any act or omission determined by a Final Order to constitute actual fraud, willful misconduct, or gross negligence.

  • Indemnification Threshold has the meaning set forth in Section 11.5.

  • Maximum Limit of Liability Definition | Law Insider (2024)

    FAQs

    Maximum Limit of Liability Definition | Law Insider? ›

    Limits of Liability means “The maximum amount payable by the Insured under the Policy. The Limit of Liability is inclusive of Sub-Limits of Liability and any other amounts insured under the Policy.

    What is the meaning of maximum limit of liability? ›

    Limit of liability definition. The maximum amount that an insurance company pays for a specified loss, such as damage to your home or accusations that you caused someone else harm.

    What is the limitation of liability clause law insider? ›

    COMPANY SHALL NOT BE LIABLE TO CUSTOMER, UNDER ANY CIRc*msTANCES, WHETHER PURSUANT TO AGREEMENT, WARRANTY (EXPRESS OR IMPLIED), TORT (INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE, OR PRODUCTS AND/OR STRICT LIABILITY) OR OTHERWISE CAUSED OR ALLEGED TO BE CAUSED DIRECTLY OR INDIRECTLY BY THE EQUIPMENT OR SERVICES, OR BY ANY ...

    What is the meaning of maximum liability amount? ›

    noun. : the maximum amount which a liability insurance company agrees to pay as a result of a single accident or injury to a single person.

    What is maximum liability in a contract? ›

    A limitation of liability clause in a contract limits the amount of money or damages that one party can recover from another party for breaches or performance failures. In other words, the clause can put a cap on the number of damages the organization will have to pay under certain circ*mstances.

    What is the maximum liability method? ›

    By this method the loss is apportioned between the insurers according to the maximum amount for which each insurer would have been liable to the insured under their respective policies and each insurer will be liable to pay the claim in proportion to their sums insured.

    What is the maximum limit of liability in a bond called? ›

    Penal Sum: The maximum amount of money that the surety will pay in the event of a default by the principal, also known as the limit of liability. Default: Failure of the principal to fulfill their obligations stated in the bond.

    What is an example of a limitation of liability? ›

    A limitation of liability provision caps a party's damages. For example, damages resulting from defective dry cleaning are often limited to seven-to-ten times the charged cleaning cost rather than repair or replacement of the item. Disclaimers of Liability.

    Are limitation of liability clauses always enforceable? ›

    Parties are free to contract for limitation of liability, but courts will not enforce a provision that offers a party no remedy.

    How to cap limitation of liability? ›

    It's common for the cap to be expressed as “100% of the Contract Sum.” Sometimes, it's another multiple, like “5 times the fee”. Whatever the amount, it should be proportionate to the supplier's commercial return on the project and the practical risk.

    How do you calculate maximum liability? ›

    The maximum liability is often calculated as a multiple of the premiums paid during a given policy period. Generaly, this maximum is included between 10 and 60.

    What is liability limit amount? ›

    A limitation of liability clause can be beneficial to a business that is supplying goods or services to another business and wants to ensure that if something goes wrong, the amount of money that they are potentially responsible to pay is capped at a particular dollar value.

    What is the maximum liability value? ›

    Maximum Limit of Liability means the amount stated the Schedule which is the maximum amount payable under this Policy for every Loss and for all Losses occurring during the Policy Period.

    What is the total maximum liability? ›

    The aggregate limit of liability is the maximum total amount your insurer will pay out for all such claims over the course of your policy term. It is a cumulative total, combining the sum of all payouts for all individual claims.

    Can you limit liability for direct damages? ›

    A limitation of liability provision typically contains two parts: a waiver of damages and a liability cap. The waiver of damages clause typically limits a party's exposure only to direct damages (i.e., damages suffered by a party that naturally result from the breach of the other party).

    What is the liability rule in a contract? ›

    Liability clauses are an important contractual tool designed to manage overall risk by limiting a party's potential liability for damages and they're of crucial importance in a contract. These clauses should be carefully reviewed and are often highly negotiated.

    What is a limit of liability to insurance limits? ›

    Insurance and the Limitation of Liability Clause

    The Limitation of Liability clause outlines the scope of financial responsibility in the event of service-related incidents. This clause interacts with the MSP's professional liability insurance policy to determine the maximum claimable amount.

    What is the limit of your liability? ›

    A limitation of liability is an agreed-upon cap on the amount one party has to pay the other if a loss is suffered due to the contract. The cap will apply regardless of what causes the loss, whether it is a breach, negligence, or some other cause.

    What are the limits of limited liability? ›

    Limited liability is a legal structure of organizations that limits the extent of an economic loss to assets invested in the organization and that keeps the personal assets of investors and owners off-limits.

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