1. What is the best applicable practise (reservations, terms & conditions)that should be written in the contract between the assured & contractor especially Subrogation, indemnity, and legal clauses to avoid any dispute in claim settlement.
2. While adjusting Construction claim, what haapen if:
– the assured make use of the contractor, who was responsible for the damage in repairing the damages. Has the insurance company/insurers the right to deduct a profit margin (say 10%-20%) form the cost of repair by contractor in claim settelement?
– The Indemnity clause with contractor stipulates that the contractor shall indemnify the company (assured) with an amount more, equalor less than the deductible limit in the policy. Has the insurance company/insurers the right to deduct a percentage from the amount paid by contractor? how much?
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Dear Gents.,
1. What is the best applicable practise (reservations, terms & conditions)that should be written in the contract between the assured & contractor especially Subrogation, indemnity, and legal clauses to avoid any dispute in claim settlement.
2. While adjusting Construction claim, what haapen if:
– the assured make use of the contractor, who was responsible for the damage in repairing the damages. Has the insurance company/insurers the right to deduct a profit margin (say 10%-20%) form the cost of repair by contractor in claim settelement?
– The Indemnity clause with contractor stipulates that the contractor shall indemnify the company (assured) with an amount more, equalor less than the deductible limit in the policy. Has the insurance company/insurers the right to deduct a percentage from the amount paid by contractor? how much?
Would apreciate your comment.
Thanks & Best Regards
Would appreciate a comment for the above