An insurance policy that pays compensation to a member of the public and court costs in the event of the policyholder being successfully sued for causing death, injury, or damage to property by failing to take reasonable care in his or her actions or those of any employees. A business whose work brings it into contact with the public must have a public-liability policy.

See also:

professional-indemnity insurance.

• London Inter Bank Currency Options Market
• London Inter Bank Mean Rate
• London Inter Bank Offered Rate
• London International Financial Futures and Options Exchange
• London International Insurance and Reinsurance Market Association
• London Metal Exchange
• London rules
• London Securities and Derivatives Exchange
• London Stock Exchange
• London Sugar Futures Market
• London Traded Options Market
• London Underwriting Centre
• long-dated forward
• long-dated gilt
• long-funded
• long hedging
• long position
• longs
• long-term bond
• long-term contract
• long-term debt
• long-term equity anticipation securities
• long-term liability
• long-term prime rate
• long-term rate risk