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14:56 Apr 3, 2018
This question was closed without grading. Reason: Answer found elsewhere
English to French translations [PRO] Law/Patents - Real Estate / Contrat de gestion immo
English term or phrase: indemnity to principals
The foregoing coverage must be provided by a commercial general liability insurance policy on an each and every claim basis and must include an indemnity to principals clause.
The foregoing coverage is available on an indemnity to principals basis
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Reference information: Indemnity to principals.
If a client alleges you’ve been negligent, and sues you for their losses, your professional indemnity insurance covers it.
But if, because of your negligence, your client (the ‘principal’) is sued by their client, an indemnity to principals clause in your policy means your insurer has to cover your client’s client’s losses too (the ‘indemnity’).
If you’ve spotted an indemnity to principals clause in a client’s contract, you’ll need to ask your insurer if they’re happy to cover it. Whether they will or not depends on the work you’re doing, and how much it’s worth. Don’t assume it’s covered.