Modification Of Contract

Definition of "Modification of contract"

Oscar  Garcia  real estate agent

Written by

Oscar Garcia elite badge icon

Berkshire Hathaway Home Services, Carolina Premier Properties

Adaptation of a standard insurance contract for special needs. Standard forms do not cover all needs but they can be adapted by an underwriter, broker, or an insurance company at the request of an insured. Risk managers may request many modifications in property and casualty coverage to meet the needs they have diagnosed for their corporations. Some risk managers even write their own contracts. Many insurers write their own contracts as well rather than use forms designed by a rating bureau.

 

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