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Directors and officers liability insurance (also written directors' and officers' liability insurance; [1] often called D&O) is liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for ...
Therefore, the other party must still honor the other subparts and cannot cancel the whole agreement. A severable contract generally must contain a "severability clause" that allows certain clauses and aspects of the contract to be "severed" without affecting the validity of the rest of the contract.
Safeco Insurance Company of America, Ehrlich persuaded the California Supreme Court to part with the majority of courts in the United States by holding that the so-called "severability clause" in an insurance policy renders ambiguous exclusions for the intentional acts of "an" insured.
3. Mechanical failure. When mechanical components fail due to normal wear and tear — whether it's a seized engine or failed transmission — your auto insurance won't pay for repairs.
If there are uncertain or incomplete clauses in the contract, and all options in resolving its true meaning have failed, it may be possible to sever and void just those affected clauses if the contract includes a severability clause. The test of whether a clause is severable is an objective test—whether a reasonable person would see the ...
Most insurance policies include a suicide clause that states the policy will not pay out the death benefit if the policyholder commits suicide within a certain period of time after the policy is ...
Mortgagee clauses often come into play with foreclosures. Say a lender seizes a home that’s been severely damaged by the defaulting owners. The clause allows the lender to claim insurance funds ...
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.