Insured Contract
A specific type of contract for which liability is assumed by the insured and covered under the general liability policy
Detailed Explanation
Common examples include lease agreements and easement agreements where the business takes on legal liability that would normally be excluded under standard liability policies.
Practical Example
A restaurant leases its building and the lease agreement includes a clause where the restaurant agrees to indemnify the landlord for certain liabilities. This agreement is considered an insured contract under the restaurant's general liability policy.
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