What does Statutory Liability mean? Read on to discover the definition & meaning of the term Statutory Liability - to help you better understand the language used in insurance policies.
Statutory liability occurs when a party can be held responsible for a certain occurrence due to the terms of a specific law or statute. Many individuals and companies purchase statutory liability insurance to cover any situation in which they might be held accountable for certain events due to statutory liability.
We hope the you have a better understanding of the meaning of Statutory Liability.