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Contract of Insurance

Insurance is a contract by which one party in consideration of a price paid to him adequate to the risk becomes security to the other than he shall not suffer loss, damage or prejudice by the happening of the perils specified to certain things to which he may be exposed. It follows that it is applicable to protect men against uncertain events which may in any way be disadvantageous to them, not only to those persons to whom positive loss may arise by such events occasioning the depreciation of that which they possess, but those also who in consequence of such events may have intercepted from them advantage or profit which, but for such events, they would acquire according to the ordinary and possible course of things.

Contract price clause

Clause whereby if damage to undelivered goods leads to cancellation of the contract, the insurer will settle on the contract price rather than production costs. The profit element, otherwise irretrievably lost, becomes a part of the indemnity.

Contract Price Insurance Clause under Standard Fire and Special Perils Policy

In case of goods sold but not delivered for which the insured is responsible and with regard to which under the conditions of sale, the sale contract is by reasons of the perils covered under the Policy, cancelled either wholly or to the extent of the loss or damage, the liability under the policy shall be based on the contract price and for the purpose of average the value of all goods to which the clause would in the event of loss or damage be applicable shall be ascertained on the same basis.

Contract price repairs

Motor claims situation where the insurer agrees to pay the repairer a guaranteed fixed price. Protects insurers against the risk of incurring any higher costs that come to light during the repair process, particularly as higher costs may make the whole repair package uneconomic.

Contract provider

Entity that has a contractual agreement with a health insurance plan to give services to the plan’s members. Such entities include ambulatory surgical centers, dentists, extended care facilities, home health care agencies, hospitals, pharmacists, physicians, and skilled nursing facilities. Also called cooperating provider.

Contract rate

See: premium rate.
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A charge levied by carriers selling capacity forward over a given route to a shipper or forwarder; the client is therefore assured of capacity which must be paid for regardless of load carried.