Statute of repose

{
  "id": "MLC-T-INS-003180",
  "term": "Statute of repose",
  "field": "Insurance and risk management",
  "definition": "A law that sets an absolute deadline for bringing a lawsuit, regardless of when the injury or damage was discovered. Unlike a statute of limitations, which begins when a cause of action accrues, a statute of repose begins when a specific event occurs, such as the completion of construction. It provides a definitive end to potential liability for certain parties.",
  "url": "https://mlchart.com/terminology/insurance/statute-of-repose/"
}