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Contractual Liability (Insurance)
"I need a Contractual Liability Insurance agreement for our construction company operating across multiple Canadian provinces, with specific coverage for subcontractor agreements and a coverage limit of $5 million, to be effective from March 1, 2025."
1. Parties: Identification of the insurer and the insured party, including full legal names and addresses
2. Background: Context of the insurance arrangement and the basis for the contractual liability coverage
3. Definitions: Detailed definitions of key terms used throughout the policy, including technical insurance terminology
4. Scope of Coverage: Detailed description of what contractual liabilities are covered under the policy
5. Policy Limits and Deductibles: Specification of coverage limits, sublimits, and applicable deductibles
6. Premium and Payment Terms: Details of premium amounts, payment schedule, and consequences of non-payment
7. Exclusions: Specific circumstances, activities, or types of liability excluded from coverage
8. Claims Procedures: Process for filing claims, required documentation, and timeframes
9. Obligations of the Insured: Duties and responsibilities of the insured party, including notification requirements
10. Term and Renewal: Policy duration, renewal conditions, and termination provisions
11. General Conditions: Standard insurance conditions including materiality, good faith, and compliance requirements
12. Governing Law and Jurisdiction: Specification of applicable law and courts having jurisdiction over disputes
1. Territory Extension: Used when coverage needs to extend beyond standard territorial limits
2. Additional Insured: Include when other parties need to be added to the policy coverage
3. Cross-Liability Clause: Added when multiple insured parties need coverage against claims made by other insured parties
4. Specific Industry Provisions: Special provisions relevant to specific industries or business types
5. Language Rights: Required for policies issued in Quebec, addressing language requirements under Quebec law
6. Electronic Communications Consent: Optional section for agreements to receive documents electronically
7. Privacy Policy: Detailed privacy provisions when extensive personal information is involved
1. Schedule A - Coverage Details: Detailed breakdown of coverage limits, sublimits, and specific covered contractual obligations
2. Schedule B - Premium Schedule: Detailed premium calculation methodology and payment schedule
3. Schedule C - Excluded Contracts: List of specific contracts or contract types excluded from coverage
4. Schedule D - Claims Documentation Requirements: Detailed list of required documentation for different types of claims
5. Appendix 1 - Risk Assessment: Initial risk assessment and basis for premium calculation
6. Appendix 2 - Contractual Liability Questionnaire: Completed questionnaire forming basis of the insurance contract
7. Appendix 3 - Certificate of Insurance: Standard certificate of insurance template
Authors
Construction
Manufacturing
Professional Services
Transportation and Logistics
Real Estate
Technology
Healthcare
Retail
Energy
Financial Services
Engineering
Hospitality
Legal
Risk Management
Finance
Compliance
Operations
Procurement
Insurance
Corporate Governance
Claims Processing
Contract Administration
Risk Manager
Insurance Manager
Chief Financial Officer
Legal Counsel
Compliance Officer
Contract Manager
Operations Director
Chief Risk Officer
Insurance Underwriter
Claims Manager
Business Development Manager
Procurement Manager
General Counsel
Corporate Secretary
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