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Insurance Policies and Coverage Toolkit
Practical Law Toolkit 4-506-1171 (Approx. 15 pages)
Insurance Policies and Coverage Toolkit
by Practical Law Commercial Transactions
| Maintained • USA (National/Federal) |
Resources to assist policyholders to understand key issues of insurance coverage and recovery.
Commercial entities can face significant financial exposure for losses due to unforeseen circumstances, including:
- Liability to third parties.
- Property damage.
- Theft.
- Lost income due to business interruption.
Obtaining appropriate insurance policies can help limit a company’s financial exposure to these types of events.
An insurance policy is a contract that shifts the risk of specified activities from a commercial entity to an insurance company. The policy language controls what acts or omissions trigger coverage, whether the insurance company must provide coverage, and the policyholder's obligations to the insurance company.
To maximize the protection that may be available under its insurance policies, commercial policyholders should be aware of:
- All coverages available to the company under its insurance policies.
- The scope of coverage provided by each policy, including:
- coverage triggers;
- policy limits; and
- policy exclusions.
- Its obligations under each policy.
The Insurance Policies and Coverage Toolkit is a collection of continuously maintained resources designed to help counsel understand the fundamentals of insurance policies, coverage, and recovery.