What does Broad Transfer mean? Read on to discover the definition & meaning of the term Broad Transfer - to help you better understand the language used in insurance policies.
Provides the greatest scope of contractual risk transfer and requires the transferee to indemnify and hold harmless the transferor from all liability arising out of an incident, even if the act is committed solely by the transferor. This may qualify as an exculpatory contract and is illegal in some jurisdictions because the wording is considered "unconscionable."
We hope the you have a better understanding of the meaning of Broad Transfer.