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In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
A difference in conditions policy is an insurance policy that can help provide additional and expanded coverage for your home or business if you live in a region that sees regular disasters.
The basic limit is a lower limit of liability under which there is a more credible amount of data. [2] For example, basic limit loss costs or rates may be calculated for many territories and classes of business. At a relatively low limit of liability, such as $100,000, there may be a high volume of data that can be used to derive those rates.
A business owner's policy (also businessowner's policy, business owners policy or BOP) is a special type of commercial insurance designed for small and medium-sized businesses. [1] BOPs are cost-effective and convenient for business owners, as they provide comprehensive protection against common risks like property damage, lawsuits, and income ...
Type of business insurance. Description. General liability insurance. Pays legal fees and settlements (up to your policy limits) if you get sued for a covered general cause
Professional liability insurance would help cover both your legal expenses as well as any damages (again, up to the policy limit). Many states require that professionals like lawyers, doctors, and ...
[A]n insurer may, under [California] Insurance Code sections 331 and 359, rescind a fire insurance policy based on an insured's negligent or unintentional misrepresentation of a material fact in an insurance application, notwithstanding the willful misrepresentation clause included in the required standard form fire insurance policy (Insurance ...
Starting your own business requires a significant investment of both time and money. Millions of people continue to step up to the challenge with 33 million small businesses active in the U.S. as ...