Commercial Insurance

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In the context of a surety bond, liability is distributed among three parties, but the primary responsibility for a claim falls on the principal:

1. Principal: This is the individual or business that purchases the surety bond. The principal is the party responsible for fulfilling the obligations outlined in the bond agreement. If a claim is filed against the bond (due to the principal's failure to meet contractual, legal, or regulatory obligations), the principal is ultimately liable for paying back any amounts that are paid out.
2. Obligee: This is the party that requires the surety bond (typically a government agency, contractor, or project owner). The obligee is protected by the bond and can file a claim against it if the principal fails to meet the agreed-upon obligations.
3. Surety: This is the company that issues the bond (888.951.8680) and provides a guarantee to the obligee. If a valid claim is made, the surety initially covers the financial compensation to the obligee. However, the surety will seek reimbursement from the principal for the amount paid out, plus any additional costs or legal fees associated with the claim.

Key Points:

• The principal is ultimately liable for the surety bond claim, even though the surety may pay the claim initially.
• The surety acts as a guarantor, and the obligee is the protected party who can file a claim if the principal fails to fulfill obligations.

If the principal cannot repay the surety, it can lead to legal action, credit damage, and possible business closure.

The cost of a $100,000 surety bond can vary widely based on factors such as the applicant's credit score, industry, and the bond type. Typically, the premium for a surety bond ranges from 1% to 15% of the bond amount, meaning the cost could be anywhere from $1,000 to $15,000 annually. Applicants with strong credit can expect lower rates, while those with poorer credit may face higher costs. It's best to consult a bond provider (888-951-8680) for an accurate quote.

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Broad GL class code (47367 – sales service organization; exposure base = sales) contemplates the vast array of exposures encountered by event planners, producers and coordinators.

There are many insurance companies in Kenya. But choose the best insurance companies in Kenya through their past experience and their financial strength.

Research on the companies by visiting their website and reading their reviews.

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Commercial crime coverage is important because it protects businesses from financial losses resulting from theft, fraud, employee dishonesty, and other criminal activities. It can help businesses recover financially and minimize the impact of such criminal acts on their operations and reputation. Having this coverage in place can provide peace of mind and financial security for business owners.

The full form of EDC is Electronic Data Capture. It refers to the process of collecting and managing clinical trial data using electronic systems.

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Sharing financial consequences associated with risk in the industry is called risk sharing. It is a practice where multiple parties agree to distribute or transfer the potential financial losses or gains resulting from a specific risk. This can be done through various methods, such as insurance, partnerships, or contracts.

In the world of workers' compensation laws, when an injured worker is paid medical and lost wage benefits by his/her employer [or] insurer, and the injury is caused by negligence or statutory liability of some person(s) OTHER THAN THE EMPLOYER who is paying benefits, the injured worker has a right of "action over" against the "third party." The injured workers is barred from suing his/her employer by exclusive remedy clauses in States' laws, but he can sue a "third party." Employer A Worker B Jerk C B and C are in an auto accident. B is paid workers compensation benefits by A (or its insurer). In addition, B has a right to sue C. If B gets money from C, workers' compensation laws require a pro-rated reimbursement by B to A, to the extent B has received workers' compensation benefits, a principal called a "lien." If B is paid $5,000 in workers' compensation benefits and brings an "action over" against C, and recovers $15,000, B will have to reimburse A a pro-rated amount of the $5,000 he received in workers' compensation benefits.

If we're talking about P & C insurors, SSAP 62R states that when payments are made for prospective reinsurance, both written premium and earned premium are reduced.

I take this to mean that the liability account 'Unearned Premiums' would not reflect any amount parenthetically for 'after deducting unearned premiums for reinsurance', but I don't have much confidence that I'm interpreting it correctly.

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