Limitation of liability clause

{
  "id": "MLC-T-INS-002015",
  "term": "Limitation of liability clause",
  "field": "Insurance and risk management",
  "definition": "A contractual provision that restricts the amount of damages one party can recover from another party in the event of a breach or negligence. In insurance, this clause may define the maximum payout for certain types of claims or exclude specific liabilities. It serves to cap financial exposure for the party invoking the clause.",
  "url": "https://mlchart.com/terminology/insurance/limitation-of-liability-clause/"
}