This office lease clause describes the allocation of risks. The parties desire to allocate certain risks of personal injury, bodily injury or property damage, and risks of loss of real or personal property by reason of fire, explosion or other casualty, and to provide for the responsibility for insuring those risks as permitted by law.
Puerto Rico No Fault Clause, also known as "La 212 DE Euros de Puerto Rico," is a specific provision within the insurance laws of Puerto Rico that governs auto insurance coverage. It establishes a legal framework where drivers and passengers involved in car accidents are entitled to obtain compensation from their own insurance companies, regardless of who caused the accident. This clause aims to streamline and expedite the claims process, reduce litigation, and ensure that injured parties receive swift insurance coverage. Under the Puerto Rico No Fault Clause, drivers and passengers are required to carry Personal Injury Protection (PIP) coverage as a part of their auto insurance policy. PIP coverage provides medical expenses, lost wages, funeral expenses, and other necessary services resulting from a car accident. This ensures that injured parties receive immediate medical attention and financial support without the need for lengthy legal battles. While the Puerto Rico No Fault Clause is the main regulatory framework, it is important to note that there are three different types of coverage options available: 1. No Fault — Limited Tort Option: This is the most basic coverage offered under the Puerto Rico No Fault Clause. It allows injured parties to receive economic damages such as medical expenses, lost wages, and funeral expenses without the need to prove fault or negligence. However, it restricts the right to seek non-economic damages, such as pain and suffering, unless the injuries meet specific threshold criteria. 2. No Fault — Full Tort Option: This coverage option provides a broader scope for injured parties to seek compensation. In addition to economic damages, it allows the injured party to pursue non-economic damages, such as pain and suffering, without any threshold limitations. However, by choosing this option, insurance premiums may increase. 3. No Fault — Enhanced Basic Option: This is an optional coverage available to drivers who wish to increase their PIP coverage limits beyond the basic policy. By electing this option, insured parties can avail higher limits of medical expense coverage and other necessary services. In summary, the Puerto Rico No Fault Clause provides a legal framework where insured parties involved in car accidents can obtain compensation from their own insurance companies without having to prove fault or negligence. By requiring drivers and passengers to carry PIP coverage, it ensures immediate medical attention and financial support. The different coverage options, including limited tort, full tort, and enhanced basic, allow individuals to choose the extent of compensation they seek, considering their needs and financial constraints.Puerto Rico No Fault Clause, also known as "La 212 DE Euros de Puerto Rico," is a specific provision within the insurance laws of Puerto Rico that governs auto insurance coverage. It establishes a legal framework where drivers and passengers involved in car accidents are entitled to obtain compensation from their own insurance companies, regardless of who caused the accident. This clause aims to streamline and expedite the claims process, reduce litigation, and ensure that injured parties receive swift insurance coverage. Under the Puerto Rico No Fault Clause, drivers and passengers are required to carry Personal Injury Protection (PIP) coverage as a part of their auto insurance policy. PIP coverage provides medical expenses, lost wages, funeral expenses, and other necessary services resulting from a car accident. This ensures that injured parties receive immediate medical attention and financial support without the need for lengthy legal battles. While the Puerto Rico No Fault Clause is the main regulatory framework, it is important to note that there are three different types of coverage options available: 1. No Fault — Limited Tort Option: This is the most basic coverage offered under the Puerto Rico No Fault Clause. It allows injured parties to receive economic damages such as medical expenses, lost wages, and funeral expenses without the need to prove fault or negligence. However, it restricts the right to seek non-economic damages, such as pain and suffering, unless the injuries meet specific threshold criteria. 2. No Fault — Full Tort Option: This coverage option provides a broader scope for injured parties to seek compensation. In addition to economic damages, it allows the injured party to pursue non-economic damages, such as pain and suffering, without any threshold limitations. However, by choosing this option, insurance premiums may increase. 3. No Fault — Enhanced Basic Option: This is an optional coverage available to drivers who wish to increase their PIP coverage limits beyond the basic policy. By electing this option, insured parties can avail higher limits of medical expense coverage and other necessary services. In summary, the Puerto Rico No Fault Clause provides a legal framework where insured parties involved in car accidents can obtain compensation from their own insurance companies without having to prove fault or negligence. By requiring drivers and passengers to carry PIP coverage, it ensures immediate medical attention and financial support. The different coverage options, including limited tort, full tort, and enhanced basic, allow individuals to choose the extent of compensation they seek, considering their needs and financial constraints.
