Last month, I explained the difference between first-party auto claims and third-party auto claims. This month, I’m going to offer more information on insurance policy contracts that every collision repairer needs to know to better serve their customers and avoid any unnecessary liability.
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As noted in last month’s article, an insurance contract provides protection against damages that may occur. A contract of insurance or “policy contract” is basically an agreement between two parties creating legal obligation/duties for both. Each party is legally and contractually bound to perform the specified duties (as outlined in the policy contract), such as rendering a payment or delivering goods and services.
In order for the contract to be enforceable, each party must exchange something of value (“valuable consideration”), such as the named insured paying their premiums on time in exchange for continued insurance coverage and peace-of-mind regarding the benefits (economic and asset protection) owed in the event of a covered loss.
Generally, an insurance policy/contract is known as an “adhesion contract,” where the insurer…
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