In Chicago, we often find property loss claims that occur at condominium units. Aside from general issues that come with all property claims, such as cause and origin of the loss and actual damages incurred, two issues should be investigated from the outset.
Liquidated Damages and Limitation of Liability Clauses
Liquidated damages clauses and limitation of liability clauses are common in contracts but have different roles. Liquidated damages clauses try to fix, in advance, the amount of reasonable compensation for actual damages. Limitation of liability clauses restrict the amount of compensation available, regardless of the damages suffered. While the provisions both...
Other Insurance Clause is Excess…Really
Other insurance clauses, also known as excess clauses, seem to appear in every case with concurrent coverage under multiple policies. This common situation presents itself when an insured is driving a car owned by a friend or family member. Each insurance policy provides coverage for the accident, but both policies...
Waiver of Subrogation Clause a Harsh Cliché
So what is the lesson? Do work up front by reviewing the contract to determine if a waiver of subrogation clause is contained in the contract. If it is, closure of the claim is the next step and you are not wasting your valuable time and getting your hopes up...
SR-22 Bonds and Recovering Payments
in situations where a policy exclusion may apply, but payment has to be made due to the SR-22 bond, an insurer can seek reimbursement from its insured.