What Are Liability Limits?
The limit of liability refers to the maximum amount of compensation for the relevant bond by the responsible person determined according to the liability limitation system. For example, the Chinese Maritime Law stipulates that the carrier's maximum compensation for the loss or damage of the goods is 666.67 calculation units per unit or unit, or 2 calculation units per kilogram of gross weight, and the carrier's loss of the goods based on this The maximum amount of compensation is the limit of liability. [1]
Limit of liability
Right!
- Chinese name
- Limit of liability
- Place
- Liability Insurance
- Meaning
- Maximum limit of liability for compensation insurance
- Object
- Insurer
- The limit of liability refers to the maximum amount of compensation for the relevant bond by the responsible person determined according to the liability limitation system. For example, the Chinese Maritime Law stipulates that the carrier's maximum compensation for the loss or damage of the goods is 666.67 calculation units per unit or unit, or 2 calculation units per kilogram of gross weight, and the carrier's loss of the goods based on this The maximum amount of compensation is the limit of liability. [1]
- The liability limit in the pay-strong insurance clause refers to the maximum amount of compensation that the insurer will bear for the personal injury, medical expenses, and property loss of all victims in each insured accident.
- Each compensation limit refers to the maximum compensation limit for each accident.
- The compensation limit for each person refers to the maximum compensation limit for each person in each accident, but multiple people cannot accumulate more than the compensation limit for each time.
- The cumulative compensation limit refers to the maximum amount of compensation for multiple accidents during the insurance period.