What does By-law mean? Read on to discover the definition & meaning of the term By-law - to help you better understand the language used in insurance policies.
A by-law is a law, rule, or regulation established by a corporation, local government, or another type of organization. In the context of insurance, some by-laws may affect the worth of insurance claims. Therefore, many insurers offer by-law endorsements as a way for policyholders to protect themselves against by-law risks.
We hope the you have a better understanding of the meaning of By-law.