Terms and Conditions

September 21, 2011

 

Policy terms and conditions are any provisions of the policy, including the application, that conditionally alter or qualify the scope of coverage. While the policy may promise to pay specific types of loss, it is generally conditioned on the insured's fulfilling certain duties. These obligations can include adhering to claim-reporting provisions and cooperation clauses, or conveying certain rights of recovery to the insurer under subrogation provisions. If the insured fails to meet the requirements of the conditions, the insurer may be relieved of its obligations to pay loss under the policy.

 

While important conditions generally are found under specific sections of the policy with headings such as Conditions, Terms & Conditions, General Conditions, etc., conditional language may be found in every part of the policy form, including the application. This section of FC&S D&O contains discussions of conditions found in the coverage application and most D&O policies under a specific heading.

This premium content is locked for FC&S Coverage Interpretation Subscribers

Enjoy unlimited access to the trusted solution for successful interpretation and analyses of complex insurance policies.

  • Quality content from industry experts with over 60 years insurance experience, combined
  • Customizable alerts of changes in relevant policies and trends
  • Search and navigate Q&As to find answers to your specific questions
  • Filter by article, discussion, analysis and more to find the exact information you’re looking for
  • Continually updated to bring you the latest reports, trending topics, and coverage analysis