Liability insuranceInsurance which agrees to indemnify the insured for sums he may be required by law to pay to third parties as damages for bodily injury or damage to p... More coverage which gives protection because of liability arising out of ownership, use or occupancyOccupancy is the act of holding possession of property or premises. The term implies the use of the building for the purposes described in the policy,... More; operation or maintenance of buildings or premisesBuilding including the land immediately surrounding it and belonging to it. More.