What Is The Difference Between A Policy And An Agreement

The Trisura Guarantee Insurance Company („Trisura“) has issued Master Policy insurance to the Appraisal Institute of Canada („AIC“). The master`s policy involved claims against AIC members, their personal businesses, employers and the AIC for negligence in providing professional assessment services. JotForm offers prefabricated contract models and contract templates that facilitate the design of important documents. On the other hand, a contract is a formal agreement between two parties, applicable either before a court or through arbitration. Contracts are valid if both parties agree to the terms. An agreement is usually an informal, often unwritten, agreement between two or more parties. The parties simply agree to do or refrain from doing something. There is nothing to ask the parties to respect the terms of the agreement, other than the honour system. It is important to note that contracts, such as agreements, should not be written unless they are for real estate transactions, marriage or more than one year, depending on the state. However, it is best to get written contracts, so you can go to court if a party does not meet its obligations. The Ontario Court of Appeal decision in Van Huizen/Trisura Guarantee Insurance Company, 2020 ONCA 222 highlights the distinction between an insurance policy and an insurance contract; in particular, the importance of this difference in determining whether an insurer`s defence obligation is being called into question for individuals participating in a group insurance program. The Court stated that the control policy was not a binding, autonomous agreement and was merely the conditions for the professional liability insurance offered to AIC members.

Any AIC member who wishes to have coverage must apply and, provided the member and the insurer agree on the remaining essential conditions (. For example, the premium payable and the duration of the insurance), an insurance certificate must be issued to the member to confirm the existence of the insurance policy.

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