What is a contractual liability insurance policy?

A contractual liability insurance policy is a type of insurance coverage in California that is designed to protect an individual or business from legal liabilities that are the result of contracts that were entered into by the insured. It covers the costs of settling or defending a lawsuit resulting from a breach of contract, as well as associated legal fees. While it does not cover any losses that may result from the breach, it does provide protection in the event of a lawsuit. This type of insurance is particularly beneficial for businesses that enter into contracts with other companies or individuals, as they can be held liable in the event of a breach of contract. It is also useful for individuals who are associated with a business, as they may be held liable for some contractual obligations. In California, contractual liability insurance policies are regulated by the Department of Insurance. It is important to note that while this type of policy can provide some protection, it will not cover all risks associated with a breach of contract. For example, it will not cover any damages that were caused by the breach, such as any financial losses that were incurred as a result.

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What is a contractual liability insurance policy?

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