What does Blanket Contractual Liability Insurance mean? Read on to discover the definition & meaning of the term Blanket Contractual Liability Insurance - to help you better understand the language used in insurance policies.
Blanket Contractual Liability Insurance
Coverage applying to all liability assumed by the insured in contracts, whether reported to the insurer or not. Note that the term "blanket contractual liability insurance" does not address the extent of the transferred liability the policy covers, only that it is not necessary to report contracts to the insurer for listing in the policy. It is possible to have blanket broad form contractual liability insurance or blanket limited form contractual liability insurance. Contractual liability coverage was added to 1973 and earlier edition comprehensive general liability (CGL) policies by endorsement. Blanket broad form contractual liability coverage is incorporated into the basic provisions of the 1986 and subsequent commercial general liability (CGL) forms.
We hope the you have a better understanding of the meaning of Blanket Contractual Liability Insurance.