Insured contract

Insured contract
See also
Subrogation clause Collateral assignment Subrogation waiver Dual insurance Loss Payee Excess insurance Contractual liability Indemnity clause Tenancy at Will

Insured contract belongs to insurance terminology and refers lease agreements. It refers to that part of any other contract or agreement relating to your business under which you are liable to another person for payment of personal injury or damage to property to a third party or organization . The policy eliminates any contractual liability, unless the insurance contract says that. If liability arises under the insurance contract, the policy may cover third party lawyer's fees, legal costs and defense costs provided that they were all mentioned in the insurance indenture.

Insured contract according to The Commercial General Liability

The Commercial General Liability (CGL) circumscribe six essentials contracts which all constitute the insured contract. These contracts are such as following:

1. Lease of premises

Is a contract signed between landlord and tenants in which tenants agrees to hold the landlord harmless and indemnify it some accident take place. That means and determinate that the landlord does not take responsibility for any accidents that happens in a rented place .

1. Sidetrack agreement

This is a contract with a railroad company to accept responsibility for the rairoad focus associated with your company's location.

1. License agreement

This agreement is similar to the lease agreement, which provides that the lease allows you to take possession of the property and occupy the premises.

1. An obligation as required by ordinance to indemnify a municipality

This agreement refers to sentence which claims „a city law that requires someone to make the city whole”. This means that in situation where someone got injured on a pavement in front your business location, the business must make to city whole which means that this business will take responsibility for this accident.

1. Elevator maintenance agreement

This agreement has to be signed only if the building has an elevator in it.

1. Tort liability assumed by the named insured

A tort refers to a civil wrong. The most common tort occurring in insurance cases is tort of negligence.

References

• Boggs J.C. (2011), ‚ Wow! I Never Knew That! 12 of the Most Misunderstood and Misused P&C Insurance Coverages, Concepts and Exclusions , Lulu.com
• Kealy D. (2015), ‚ Understanding the Commercial General Liability Policy , Lulu.com
• Kealy M.D. (2014), Understanding named, automatic and additional insureds in the CGL policy, lulu.com
• Micklitz H. (2014), Constitutionalization of European Private Law: XXII/2 , OUP Oxford
• Moelmann R.L. (2009), The Law of Performance Bonds, American Bar Association
• Palmer W.J., Maloney M.J. , Heffron L.J. (1996), ‚ Construction Insurance, Bonding, and Risk Management , McGraw Hill Professional

Author: Veniamin Terokhin