This form brings together several boilerplate contract clauses that work together to outline the procedures, restrictions, exclusivity and other aspects of an indemnity provided for under the terms of the contract agreement.
New Hampshire Indemnification - Long-Form Provision
Category:
State:
Multi-State
Control #:
US-ND2307
Format:
Word;
PDF
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FAQ
By law, you must buy at least $1,000 of Medical Payments Coverage. Pursuant to NH RSA 2, if you buy auto insurance you must also purchase Uninsured Motorists Coverage.
For example, in the case of home insurance, the homeowner pays insurance premiums to the insurance company in exchange for the assurance that the homeowner will be indemnified if the house sustains damage from fire, natural disasters, or other perils specified in the insurance agreement.
If you buy car insurance, here are the state minimum auto insurance limits in New Hampshire: $25,000 in bodily injury liability per person. $50,000 in total bodily injury liability per accident. $25,000 in property damage liability per vehicle.
The principle of indemnity governs that an insurance contract compensates you for any damage, loss or injury caused only to the extent of the loss incurred. Insurance contract ensures that the insurer does not make a profit in the event of an incurred loss.
The term indemnity insurance refers to an insurance policy that compensates an insured party for certain unexpected damages or losses up to a certain limit?usually the amount of the loss itself.