What is a contractual liability insurance policy?

Contractual liability insurance is a type of insurance policy that provides coverage for claims or losses related to contractual obligations. In North Carolina, this type of policy is often used by businesses to protect them from losses that may arise due to agreements made with other companies or individuals in the form of contracts. For example, if a business enters into a contract with another party and then fails to fulfill their obligations, contractual liability insurance could provide coverage for claims or losses resulting from that breach of contract. The policy can also provide financial protection for other losses, such as those caused by errors or omissions. Contractual liability insurance may also be required in certain cases by law or to meet certain contractual requirements. Ultimately, it provides coverage and security to businesses when entering into contracts, so that they can move forward confidently knowing they are protected against any potential risks that may arise.

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What is a contractual liability insurance policy?

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