n. the responsibility a carrier, borrower or user of property or goods assumes or an insurance company agrees to cover if there is damage or loss.
Found on
http://dictionary.law.com/Default.xhtml?selected=1866
(n) Risk of loss is the responsibility assumed by a holder of a property, possessor insurer for compensating the loss incurred to such property during the period of such custody, holding, usage or coverage.
Found on
http://www.encyclo.co.uk/local/21213
In a sales transaction (esp. real estate) many states consider the buyer to be the owner of the land once the sales contract is signed, and the "owner" just to be "babysitting". Therefore, in some states, the "risk of loss" in case of destruction of the property is passed to the buyer, even though they have not paid for the property.
Found on
http://www.lectlaw.com/def2/q056.htm
The responsibility a carrier, borrower, or user of property or goods assumes, or an insurance company agrees to cover, if there is damage or loss.
Found on
http://www.nolo.com/dictionary/risk-of-loss-term.html
No exact match found.
