This Contractual Liability Insurance policy is essential for businesses operating in Hong Kong seeking protection against financial losses arising from contractual obligations. The document is particularly crucial in today's complex business environment where companies face numerous contractual commitments and potential liability exposures. It is structured to comply with Hong Kong insurance regulations and common law principles, providing comprehensive coverage while meeting the Insurance Authority's requirements. The policy typically includes specific provisions for different types of contractual liabilities, risk assessment criteria, and claim procedures. This type of insurance is particularly relevant for businesses engaged in significant commercial contracts, construction projects, or service agreements, offering protection against circumstances where contractual obligations cannot be met due to specified events or conditions.
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1. Parties: Identification of the insurer and the insured party, including full legal names and registered addresses
2. Background: Context of the insurance arrangement and brief description of the insured's business activities
3. Definitions: Detailed definitions of key terms used throughout the policy
4. Scope of Cover: Detailed description of what contractual liabilities are covered under the policy
5. Policy Period: Duration of the insurance coverage, including start and end dates
6. Limit of Liability: Maximum amount payable under the policy, including any sub-limits
7. Premium and Payment Terms: Premium amount, payment schedule, and consequences of non-payment
8. Exclusions: Specific circumstances, activities, or losses that are not covered under the policy
9. Claims Procedure: Process for notifying and filing claims, including time limits and required documentation
10. General Conditions: Standard policy conditions including cancellation rights, jurisdiction, and governing law
11. Duties and Obligations: Responsibilities of both the insurer and insured during the policy period
12. Dispute Resolution: Procedures for handling disputes, including mediation and arbitration provisions
1. Retroactive Coverage: Used when coverage needs to extend to contractual liabilities arising from events before the policy start date
2. Extended Reporting Period: Optional extension of the period for reporting claims after policy expiration
3. Cross-Liability Clause: Added when coverage needs to apply separately to multiple insured parties
4. Specific Contract Coverage: Used when specific contracts need to be explicitly covered or excluded
5. Defense Costs: Optional section detailing how legal defense costs are handled and if they're included within or in addition to the limit of liability
6. Territorial Limits Extension: Added when coverage needs to extend beyond Hong Kong
7. Sanctions Clause: Required when dealing with international contracts or parties
1. Schedule of Covered Contracts: Detailed list of specific contracts covered under the policy
2. Schedule of Premium Calculations: Breakdown of premium calculation including any adjustable elements
3. Schedule of Sub-limits: Detailed breakdown of sub-limits for different types of contractual liabilities
4. Schedule of Endorsements: List and details of all endorsements attached to the policy
5. Appendix A - Claims Reporting Forms: Standard forms and procedures for reporting claims
6. Appendix B - Risk Management Requirements: Specific risk management procedures the insured must follow
7. Appendix C - Excluded Contracts: List of specific contracts or types of contracts excluded from coverage
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