This form provides boilerplate contract clauses that restrict or limit the dollar exposure of any indemnity under the contract agreement. Several different language options are included to suit individual needs and circumstances.
King Washington Indemnity Provisions — Dollar Exposure of the Indemnity regarding Baskets, Caps, and Ceilings is a specialized clause within the indemnification provisions of a contract or insurance policy. This provision aims to specify the amount of financial liability or exposure the indemnity (party providing indemnity) assumes in relation to various factors, such as baskets, caps, and ceilings. Baskets: In the context of indemnity provisions, baskets refer to the threshold or minimum amount of losses or damages that must be incurred before the indemnity becomes responsible for indemnifying the indemnity (party receiving indemnity). The King Washington Indemnity Provisions may outline different types of baskets, such as individual baskets, aggregate baskets, or rolling baskets, each defining specific conditions that trigger the indemnity's liability. Caps: Indemnity caps act as a limit or maximum amount of financial responsibility the indemnity assumes, restricting their liability in case of losses or damages. The King Washington Indemnity Provisions might include details about the nature of caps, such as individual caps, aggregate caps, or tiered caps, each stipulating the highest amount the indemnity is obligated to cover. Ceilings: Ceilings, similar to caps, establish an upper limit or maximum value to the indemnity's liability. The difference lies in the fact that indemnity ceilings are usually applied to specific categories or types of losses, such as property damage, third-party claims, or product liability. The King Washington Indemnity Provisions may provide specifications on the scope, nature, and conditions surrounding various types of ceilings. Different types of King Washington Indemnity Provisions — Dollar Exposure of the Indemnity regarding Baskets, Caps, and Ceilings can be categorized as follows: 1. Separate Baskets, Caps, and Ceilings: This type differentiates these provisions based on specific loss categories or events. For example, individuals baskets for property damage, separate caps for personal injury claims, and ceilings for legal expenses. 2. Aggregate Baskets, Caps, and Ceilings: These provisions consolidate the financial limits across multiple loss categories, treating them as a single unit. The indemnity's responsibility is evaluated collectively, ensuring that the total exposure does not exceed the defined aggregate basket, cap, or ceiling. 3. Rolling Baskets, Caps, and Ceilings: This type of provision allows the indemnity to carry forward any remaining exposure from one period to the next. Rolling baskets, caps, and ceilings prevent the indemnity from resetting their liability each period, maintaining continuity and cumulative limitations. It is important to review the specific language and details of the King Washington Indemnity Provisions — Dollar Exposure of the Indemnity regarding Baskets, Caps, and Ceilings within a contract or insurance policy to fully understand the extent of financial responsibility and protection provided. Consulting legal or insurance professionals can assist in comprehending the implications and implications of these provisions in depth.King Washington Indemnity Provisions — Dollar Exposure of the Indemnity regarding Baskets, Caps, and Ceilings is a specialized clause within the indemnification provisions of a contract or insurance policy. This provision aims to specify the amount of financial liability or exposure the indemnity (party providing indemnity) assumes in relation to various factors, such as baskets, caps, and ceilings. Baskets: In the context of indemnity provisions, baskets refer to the threshold or minimum amount of losses or damages that must be incurred before the indemnity becomes responsible for indemnifying the indemnity (party receiving indemnity). The King Washington Indemnity Provisions may outline different types of baskets, such as individual baskets, aggregate baskets, or rolling baskets, each defining specific conditions that trigger the indemnity's liability. Caps: Indemnity caps act as a limit or maximum amount of financial responsibility the indemnity assumes, restricting their liability in case of losses or damages. The King Washington Indemnity Provisions might include details about the nature of caps, such as individual caps, aggregate caps, or tiered caps, each stipulating the highest amount the indemnity is obligated to cover. Ceilings: Ceilings, similar to caps, establish an upper limit or maximum value to the indemnity's liability. The difference lies in the fact that indemnity ceilings are usually applied to specific categories or types of losses, such as property damage, third-party claims, or product liability. The King Washington Indemnity Provisions may provide specifications on the scope, nature, and conditions surrounding various types of ceilings. Different types of King Washington Indemnity Provisions — Dollar Exposure of the Indemnity regarding Baskets, Caps, and Ceilings can be categorized as follows: 1. Separate Baskets, Caps, and Ceilings: This type differentiates these provisions based on specific loss categories or events. For example, individuals baskets for property damage, separate caps for personal injury claims, and ceilings for legal expenses. 2. Aggregate Baskets, Caps, and Ceilings: These provisions consolidate the financial limits across multiple loss categories, treating them as a single unit. The indemnity's responsibility is evaluated collectively, ensuring that the total exposure does not exceed the defined aggregate basket, cap, or ceiling. 3. Rolling Baskets, Caps, and Ceilings: This type of provision allows the indemnity to carry forward any remaining exposure from one period to the next. Rolling baskets, caps, and ceilings prevent the indemnity from resetting their liability each period, maintaining continuity and cumulative limitations. It is important to review the specific language and details of the King Washington Indemnity Provisions — Dollar Exposure of the Indemnity regarding Baskets, Caps, and Ceilings within a contract or insurance policy to fully understand the extent of financial responsibility and protection provided. Consulting legal or insurance professionals can assist in comprehending the implications and implications of these provisions in depth.
