Minimum insurance definition

Minimum insurance means a professional liability insurance policy applicable to a limited liability entity, and any of its owners or employees, for wrongful conduct. Such insurance shall exist, in one or more policies, with respect to claims asserted during an annual policy period due to alleged wrongful conduct occurring during the policy period and the previous six years. Such policies shall have a minimum amount of insurance of $100,000 per claim and $250,000 annual aggregate, times the number of lawyers in the firm at the beginning of the annual policy period, provided that the firm’s insurance need not exceed $5,000,000 per claim and $10,000,000 annual aggregate. Evidence of any such minimum insurance shall be provided with each application for registration or renewal pursuant to Rule 721 by means of an affidavit or a verification by certification under section 1-109 of the Code of Civil Procedure of an authorized shareholder, member, or partner that his or her firm maintains the minimum insurance required by this rule. For purposes of Rules 721(d) and 722, the minimum amount of insurance required shall not be affected: (A) by any exceptions or exclusions from coverage that are customary with respect to lawyers professional liability insurance policies; (B) if, with respect to a particular claim, the limited liability entity fails to maintain insurance for wrongful conduct occurring before the annual policy period, so long as insurance coverage in the amount specified in this rule exists with respect to the claim in question; or (C) if, during an annual policy period, the per claim or annual aggregate limits are exceeded by the amounts of any claims, judgments, or settlements. If evidence of insurance is provided with a registration or renewal application pursuant to Rule 721 and it is ultimately determined that the limited liability entity failed to maintain minimum insurance during the period covered by that registration or renewal, unless such failure is fraudulent or wilful the joint and several liability of the owners for a claim arising out of wrongful conduct shall be limited to the minimum per claim amount of insurance applicable to the limited liability entity under this rule.
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Minimum insurance means a professional liability insurance policy applicable to a limited liability entity, and any of its owners or employees, for wrongful conduct. Such insurance shall exist, in one or more policies, with respect to claims asserted during an annual policy period due to alleged wrongful conduct occurring during the policy period and the previous six years. Such policies shall have a minimum amount of insurance of
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Minimum insurance means the insurance referred to in sections 627(1) and 629;
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Examples of Minimum insurance in a sentence

  • Minimum insurance company ratings as determined by the most current edition of the Best's Key Rating Guide/Property-Casualty/United States or xxxxxx.xxx shall be A- (Secure A.M. Best's Rating) and VIII (Financial Size Category).

  • Minimum insurance requirements are needed to provide this protection.

  • The Seller reserves the right to make an additional charge to reflect any increase in the cost to the Seller arising after acceptance of an order which is due to any factor beyond the reasonable control of the Seller, any changes in delivery dates, quantities, or specifications, requested by the Buyer, or any delay caused by the instructions of the Buyer.

  • Minimum insurance coverage shall be the amounts stated herein or the amounts required by applicable law, whichever are greater.

  • The borrower shall pay the cost of this coverage, as provided in the loan documents.§§ 1788.7–1788.10 [Reserved] Subpart B—Insurance for Contrac- tors, Engineers, and Archi- tects, Electric Borrowers§ 1788.11 Minimum insurance require- ments for contractors, engineers, and architects.

  • Minimum insurance required is as specified below and in the amounts indicated.

  • In determining the amount of adjustment in the fee that is equitable, any fault of the Contractor, its employees, or any subcontractor that materially contributed to the damage, loss, or destruction shall be taken into consideration.(End of clause) 1852.228-75 Minimum insurance coverage.

  • Minimum insurance requirements as specified by the insurance carrier for the Stockbridge-Munsee Community must be in effect at the time the employee’s personal vehicle is used and the employee may be required to provide the appropriate proof of insurance.

  • Minimum insurance liability coverage standards shall be at the applicant’s expense.

  • Qualified Insurer Minimum insurance company ratings as determined by the most current edition of the Best's Key Rating Guide/Property-Casualty/United States or xxxxxx.xxx shall be A- (Secure A.M. Best's Rating) and VIII (Financial Size Category).


More Definitions of Minimum insurance

Minimum insurance means a lawyers professional liability insurance policy covering each lawyer practicing in a law firm.
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Related to Minimum insurance

  • Sum Insured means the sum as specified in the Schedule to this Policy against the name of Insured / each Insured Person, which sum represents the Company's maximum liability for any or all claims under this Policy during the Policy period for the respective benefit(s) against which the sum is mentioned in the Schedule to this Policy.

  • ' Compensation Insurance With respect to all operations performed, the Party shall carry workers’ compensation insurance in accordance with the laws of the State of Vermont. Vermont will accept an out-of-state employer's workers’ compensation coverage while operating in Vermont provided that the insurance carrier is licensed to write insurance in Vermont and an amendatory endorsement is added to the policy adding Vermont for coverage purposes. Otherwise, the party shall secure a Vermont workers’ compensation policy, if necessary to comply with Vermont law.

  • Insurance means comprehensive insurance of the vehicle(s)/equipment and shall include insurance of the crew.

  • group insurance means insurance, other than creditor’s group insurance and family insurance, whereby the lives of a number of persons are insured severally under a single contract between an insurer and an employer or other person; (“assurance collective”)

  • Fidelity Insurance means insurance coverage with respect to employee errors, omissions, dishonesty, forgery, theft, disappearance and destruction, robbery and safe burglary, property (other than money and securities) and computer fraud in an aggregate amount acceptable to Seller’s regulators.

  • Liability Insurance means compulsory professional liability errors and omissions insurance required by a governing body;

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • Travel Insurance means coverage for personal risks incidental to planned travel, including one or more of the following:

  • Excess Insurance means insurance purchased from an insurance company authorized or admitted in the State of New Jersey or deemed eligible by the Commissioner as a surplus lines insurer or from any other entity authorized to provide said coverage in this state pursuant to law, covering losses in excess of an amount set forth in insurance contracts on a specific occurrence, or per accident or annual aggregate basis.

  • Period of Insurance means the period commencing from the retroactive date and terminating on the expiry date as shown in the Policy Schedule.

  • Insurance Cover means the aggregate of the maximum sums insured under the insurance taken out by the Contractor pursuant to Article 20, and includes all insurances required to be taken out by the Contractor under Clauses 20.1 and 20.9 but not actually taken, and when used in the context of any act or event, it shall mean the aggregate of the maximum sums insured and payable or deemed to be insured and payable in relation to such act or event;

  • Insurance score means a number or rating that is derived from an algorithm, computer application, model, or other process that is based in whole or in part on credit information for the purposes of predicting the future insurance loss exposure of a consumer.

  • Coverage or “Covering”) shall mean that the developing, making, using, offering for sale, promoting, selling or importing of a given compound, formulation or product would infringe a Valid Claim of an issued patent in the absence of a license under such Valid Claim. The determination of whether a compound, formulation or product is Covered by a particular Valid Claim shall be made on a country-by-country basis.

  • Professional liability insurance means insurance against legal liability incident to the practice of a profession and provision of a professional service.

  • Property Insurance is defined in Section 6.10(a).

  • Blanket insurance policy means a group policy covering a defined class of

  • Lot coverage means the portion or percentage of the area of a lot upon which buildings are erected.

  • Individual health insurance coverage means health insurance coverage offered to individuals in the

  • Guaranteed automobile protection insurance means insurance offered in

  • Other Insurance means insurance available to any covered person that covers a loss to which this policy applies, other than either primary insurance or insurance specifically purchased by you to be excess of the insurance afforded by this policy.