A situation where an individual such as a sole trader or partner is liable to the full extent of his personal wealth for business debts. Contrast with a shareholder of a company whose liability is limited to the capital he has agreed to subscribe. Names at Lloyd’s have unlimited liability. The intention is to switch all Lloyd’s underwriting capacity to corporate members.
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Requirement that the owner or owners assume full responsibility for all losses or debts of a business.

Damages that are assessed by the court. Unlike liquidated damages they are not agreed in advance and included in a contract. Unliquidated damages are the main component of liability insurance claims.