the company shall be liable for its prorata share of the loss in the … • The “Non-Cumulation Clause”: An “Other Insurance Clause” by Another Name, 60 Kan. L. Rev. Such clauses are inserted into commercial contracts because the parties want to transfer to an insurer the financial … Elements of Insurance Contracts are basically 2 types; (1) the elements of the general contract, and (2) the element of special contract relating to insurance. First, 2 • Insurance Clauses in Construction Contracts The Basics of Insurance Insurance is a contract between the Insured (the first party) and the Insurer (the second party) that sets out the Insurer’s promise to pay a specified amount at a future time if a defined event occurs. (.1) "Loss prorata":. There are three basic forms of indemnification/hold harmless provisions that can be used in State contracts: 1. 1 "Other insurance" clauses are "clauses which purport to vary the cov-erage of the policy if there is another policy or other policies protecting the risk insured against." Disclaimer: The following clauses are examples of actual data protection clauses used in technology agreements, adapted to remove any identifying information regarding the providers or customers. Valid and Collectible Insurance To be considered "other insurance" for the purposes of this policy condition, the other insurance must be both valid and collectible. OTHER CONTENTS CLAUSE (i) General Rule : An insurance on contents may be extended to include the "Other Contents" up to a maximum limit of RM1,000 without additional premium. insurance to cover its obligations to your Entity, make certain it does have the assets to indemnify the Entity for those uninsured or underinsured areas of risk. 375 (2012) • Our presentation will be divided into 3 parts • Part 1 will include a discussion of the language contained in non-cumulation clauses and the original drafting and purpose of the clause For different kinds of an insurance policy; suitable and conditions are added which are called insurance contract clauses. Annot., 76 A.L.R.2d 502, 503 (1961). 4. Insurance Clauses in Commercial Contracts . These events broadly break down into the following groups: Liability Limitation Clauses-Property Insurance Three types of limitation clauses are most frequently employed. Many commercial contracts include provisions requiring one or other of the parties to effect insurance. used in conjunction with insurance clauses. Other types of insurance may be warranted depending on the unique risks that arise from the contractual Like other multinational insurance options, it has both benefits and limitations. A Financial Interest Clause (FIC) is one of many options available to companies with multinational exposures. ability under policies with conflicting "other insurance" clauses. 1968] NORTH CAROLINA LAW REVIEW the policy shall not … Insurance Condition in Section IV – Conditions is deleted and replaced by the following: (b) Any other available insurance purchased by you, or to which you have been added as an insured or an additional insured or under which, you are a party to an “insured contract”. Finally, a section is included containing the most commonly asked questions from manual users Sample Contract Clauses By Stephen M. Foxman, Esq. AIG will accommodate its clients’ preferences when designing multinational programs; in doing so, we believe our clients should be aware of the CGL policy, the "other insurance" clause is found in Section IVŠ Commercial General Liability ConditionsŠItem 4, with the appropriate heading, "Other Insurance." This extension is not applicable to insurance on stock-in-trade and/or merchandise. ... Other Insurance .