What is a statute of repose?

A statute of repose is a law that limits the amount of time a person has to file a claim or lawsuit over damages or losses related to insurance. In Tennessee, the statute of repose is two years from the date of the event causing the injury or damage. In other words, if someone is injured or suffers property damage but doesn’t file a claim within two years of the event, they may be prohibited from doing so. Statutes of repose are used to protect businesses from legal liability after a certain amount of time. They also help businesses manage their liabilities as they can plan their budgets based on the maximum amount of time a person has to file a claim. In Tennessee, statutes of repose can be shortened if certain conditions are met. For example, the statute may be shortened if the person claiming didn’t know about the injury or damage within two years of the event, or if the person claiming was a minor or otherwise legally incapacitated at the time of the event. Statutes of repose are important laws for businesses to understand to help protect them from potential liability. It’s important to understand both the time limits and exceptions to the rules, as failing to do so can result in unexpected liabilities.

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What is a statute of repose?

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