A continuance of contractual liability insurance discussion.
October 05, 2020 at 04:48 PM
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Summary:Earlier, we discussed ISO’s CGL definition of an “insured contract” This article discusses the three steps required to determine if the proper liability insurance is in place to cover an otherwise valid and enforceable indemnity agreement. This requires differentiating between the four types of hold harmless agreements and then determining what, if any, the anti-indemnity statute has to say about these agreements. Also discussed is the impact of contractual liability limitation endorsements on coverage and how defense costs and the matter of defense may actually apply to an indemnitee who is the party who attempts to transfer the financial consequences of its liability to the other party (indemnitor).
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