Definition: The word "cheap insurance liability" refers to a situation where an individual or company pays for all or part of their own expenses related to the purchase, installation, or maintenance of a property or equipment without seeking any financial assistance from insurance companies. This can include things like purchasing new furniture, installing a roof on a house, or repairing a vehicle. The cost of these purchases is often considered as insurance liability in order to cover the costs associated with repairs and upgrades. In simpler terms, cheap insurance liability refers to situations where people choose to purchase expensive equipment without seeking out financial assistance from an insurance company, thus paying for it themselves. This practice can be beneficial in some cases but not always, as it increases the risk of damage or cost overruns related to insurance claims.
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