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Transfer of risk by contracts In Insurance

Transfer of risk by contracts In Insurance

Insurance
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Unwanted risks can be transferred by contracts. For example, the risk of a defective television or stereo set can be transferred to the retailer by purchasing a service contract, which makes the retailer responsible for all repairs after the warranty expires. The risk of a substantial increase in rent can be transferred to the landlord by a long-term lease. The risk of a substantial price increase in construction costs can be transferred to the builder by having a firm price in the contract rather than a cost-plus contract.

Insurance Law And Practice - ICSI
Transfer of risk by contracts In Insurance Transfer of risk by contracts In Insurance Reviewed by Ikpokolo Francis on Monday, April 17, 2017 Rating: 5

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