Extra Contractual Obligations Law and Legal Definition
In reinsurance, extra contractual obligations refers to damages awarded by a court against an insurer which are outside the provisions of the insurance policy, due to fraud, bad faith or negligence of the insurer in handling a claim. Punitive damages and loss in excess of the insurance policy limit are examples for extra contractual obligations.
Legal Definition list
Related Legal Terms
- Admissibility of Extrajudicial Confessions
- Adversus Extraneos Vitiosa Possessio Prodesse Solet
- As-extracted Collateral
- Business Income and Extra Expense Insurance
- Contractual Clearing Balance
- Contractual Commitment to Advance Funds
- Contractual Interest
- Contractual Limitations
- Contractual Maintenance Agreement
- Contractual Port of Loading
