Contractual liability insurance policy (CLIP)

{
  "id": "MLC-T-INS-000956",
  "term": "Contractual liability insurance policy (CLIP)",
  "field": "Insurance and risk management",
  "definition": "A type of insurance policy that covers the insured's liability assumed under a contract or agreement with another party. This coverage protects against financial losses arising from hold harmless or indemnity clauses where the insured agrees to take on the liability of another. It is often an endorsement to a general liability policy, covering specific contractual obligations.",
  "abbreviation": "CLIP",
  "url": "https://mlchart.com/terminology/insurance/contractual-liability-insurance-policy-clip/"
}