A formal writing style is not necessarily âbetterâ than an informal style, rather each style serves a different purpose and care should be taken in choosing which style to use in each case.
insured contract. A term used to specify the limit of contractual liability coverage. This term can refer to lease agreements, easement agreements, and any other agreement that relates to the insured's business.
Insured Contracts. The sidetrack agreement is a type of insured contract. Other types of insured contracts are lease agreements, elevator maintenance agreements, obligations to indemnify a municipality and the assumption in an agreement or contract of tort liability for another party to pay claims to a third party.