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Does a cosigner for a contract on an apartment share in the liability and if so can one cover the cosigner's liability with tenants insurance?
Wiki User
∙ 16y ago
Yes the co signer is responsible for the entire terms and requirement on the lease just like the primary renter is.
NO renters insurance cover the contents of the apartment and in case you cause a flood to the unit below and items of that nature.
There is no insurance for the co signer
Wiki User
∙ 16y ago
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Is A property or liability insurance policy a business or liability contract?
A property is not a contract or a business. A liability insurance policy is a kind of contract but not a business. the answer is b...
What is contractual liability insurance?
Contractual liability insurance is something purchased to protect a person entering into a contract, when that contract means that they agree to be responsible for any liability.
What is contract liability insurance and indemnity insurance?
In many cases when you enter into a contract, whether it is a contract for work, a lease agreement or any other type of contract, there will be clauses covering insurance and indemnification, which is a fancy word for covering someone else's financial loss. Liability insurance provides money to cover losses to others due to negligence on the part of the insured. In this case, the insurance company is indemnifying the insured. If there is an indemnification clause in the contract then the contractor must indemnify the contractee as specified. This is most usually done by adding the contractee as either an additional insured (in the case of liability insurance) or as a loss payee (in the case of property insurance) to their existing policy. If the person entering the contract does not have insurance or does not have sufficient insurance, then those policies can usually be purchased. However, having the insurance or having the contractee named on your policy does not alleviate the indemnification.
What is the purpose of insurance?
An insurance policy is a contract of Indemnity. It is a means of transferring risk of financial loss and or financial liability to another party, Namely the insurance company.
Can a landlord make you get homeowners insurance?
Sure. If it is part of the contract and you sign the contract then you must abide by the contract and purchase the homeowners insurance. The policy you would need to get is an HO-4 which is for renters. It covers you for loss to your contents and liability as well.
Does breaking a lease hurt cosigners credit?
That is why the cosigner is there. To back up the contract if you bail.
Why does a contractor need a professional liability insurance policy?
A contractor typically needs a Commercial General Liability Insurance Policy. If the contract includes professional services, then the contractor will likely be required to carry Professional Liability Insurance, either in addition to, or in place of a CGL policy. It really just depends on the nature of the services contracted.
If you co-signed for an ex-girlfriend's apartment and she did not pay rent can you be held liable if the landlord sues you for breach of contract even though you did not live there?
Yes. The fact that you co-signed mandates your liability. It does not matter that you do not live in the apartment.
In an insurance contract may the insured unilaterally cancel the contract?
It depends on the language in the contract and the type of insurance, but generally the answer would be yes in most states. For example, automobile liability insurance policies are generally able to be cancelled anytime by the insured. You don't have to wait for your policy to come up for renewal before switching to another insurance company, for example.
What does cross-liability interest clauses in insurance contract mean?
This is when two parties in a contract cannot sue each other over the same event. They indemnify each other.
What does cross liability interest clauses in insurance contract mean?
This is when two parties in a contract cannot sue each other over the same event. They indemnify each other.
What does professional liability cover?
Professional Liability Insurance provides coverage if the professional makes a mistake that causes financial harm to another The coverage invokes for claims of negligence, breach of contract, or both.
