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What are the common conditions?

What are the common conditions?

Last updated May 28, 2021 by Kristopher Marsh

A policy’s conditions play an important role in determining the coverage of an organisation and its management. They are located within a dedicated section of a policy but are also inherent throughout its schedule, wording and endorsements. In the event of a claim, conditions may be open to interpretation, which can also mark the beginning of a dispute.

In this article, we will explore common conditions within the context of the following coverages:

  • Directors and officers liability insurance
  • Employment practices liability insurance
  • Management liability insurance
  • D&O insurance for nonprofits

You may also find that similar concepts apply to a broad range of financial lines insurances, such as professional indemnity insurance, cyber insurance, and even crime insurance to a certain extent. Keep in mind, however, that each policy is strictly interpreted according to its own terms and conditions.

Contents
1 Conditions: A definition
2 A policy’s core operating conditions
3 Geographical conditions to coverage
4 Key conditions throughout a policy’s lifecycle
5 Conditions of the claims handling process
6 Navigating conflict: Policy interpretation and dispute resolution
7 Conditions: An example
8 Conclusion

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About Kristopher Marsh

Insurance and risk management professional. Connect with me on LinkedIn.

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