What does Nontransferability Provisions mean? Read on to discover the definition & meaning of the term Nontransferability Provisions - to help you better understand the language used in insurance policies.
Clauses found in professional liability policies indicating that an insured cannot transfer coverage to a noninsured without the insurer's approval. For example, attorney A who sells his practice to B cannot transfer coverage under his professional liability policy to B without the assent of his insurer. This is because professional liability insurance is a "personal" contract.
We hope the you have a better understanding of the meaning of Nontransferability Provisions.