Scarinci Hollenbeck, LLC
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Author: Scarinci Hollenbeck, LLC
Date: July 19, 2016
The Firm
201-896-4100 info@sh-law.comMost businesses have at least one insurance policy. However, many business professionals, including some who work in risk management areas, may not fully be aware of what coverage is provided.
An insurance policy is a legal contract, and failing to understand the terms of a commercial insurance contract policy can put a New Jersey business at a disadvantage should a loss occur. Although policies do vary, most general liability policies share similar components. This article addresses the basic anatomy of a commercial insurance contract. In the coming weeks, we will address specific areas of concern for Monmouth County businesses.
In basic terms, a commercial insurance contract transfers the risk of loss from one party (the insured) to another party (the insurer). In return for the payment of certain premiums, the insurer promises to pay the insured, or third parties on the insured’s behalf, an amount of money for a covered loss.
General liability policies can cover common losses arising out of the conduct of a business; including products and completed operations, contractual liability, bodily and personal injury and advertising liability. Below are the key structural components:
Are you still unsure regarding the basics of a commercial insurance contract? Do you have any questions regarding the matter? Please contact me, Charles Yuen, to discuss this further.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
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