Lapse Lessee Liability Liability Insurance Liability Limits Loss Loss Prevention Service

Lapse Common Definition: The termination of an insurance policy due to the lack of payment of premiums. Translation: When your insurance coverage ends because you didn't make your payments.	back to top
Lessee Common Definition: The party to whom a lease is granted, meaning a “tenant.” Translation: The person who is renting the property.	back to top
Liability Common Definition: Responsible according to the law. The term is most commonly used in a monetary sense. Translation: Generally, something you're legally responsible for.	back to top
Liability Insurance Common Definition: Provides protection for the insured against loss on agreed upon terms and conditions arising out of his/her legal liability resulting from injuries to other persons or damage to their property. Translation: Any form of coverage that protects a business owner and employees against claims of damage from others.	back to top
Liability Limits Common Definition: The sum or sums to which an insurance company protects the insured on a particular policy. Bodily injury and property damage liability covered by general liability policies are subject to a limit for each occurrence. In certain forms, however, such as malpractice, product, and manufacturers’ and contractors’ liability, there is also an aggregate limit of liability for the total amount of all claims during the policy period. Translation: The maximum amount that an insurance company agrees to pay in the case of loss.	back to top
Loss Common Definition: Any decrease in quantity, quality or value of property. With reference to policies of indemnity, this term is often used as an expression of the amount of damage that might or might not be covered in whole or in part depending upon the cause of the loss and the coverage afforded. In its application to liability policies, it refers to payments made on behalf of the insured. Translation: Generally refers to the amount of property value lost because of an insured loss, and the amount to be paid according to the insurance contract.	back to top
Loss Prevention Service Common Definition: Loss control and inspection work done by insurance companies or independent organizations for the purpose of recommending the change or removal of conditions which would likely cause loss. Translation: A service that specializes in helping business owners reduce or prevent loss in their workplaces.	back to top

This document outlines in general terms the coverages that may be afforded under a Hartford policy. All policies must be examined carefully to determine suitability for your needs and to identify any exclusions, limitations or any other terms and conditions that may specifically affect coverage. In the event of a conflict, the terms and conditions of the policy prevail. All Hartford coverages described in this document may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc.

USAA is acting as an agent through its insurance agency affiliate, USAA General Agency, Inc. or USAA Insurance Agency, Inc. The USAA Business Insurance Program offered through the agency affiliate is available only to persons eligible for USAA membership. The Hartford Fire Insurance Company and its affiliates provide the insurance for this program. All insurance applications are subject to underwriting to determine acceptability. Product availability and coverage may vary by state. Insurance descriptions are general in nature. Please refer to your policy for full disclosure of coverages, limitations and conditions.