Legal Dictionary of Pakistan

commercial insurance

An indemnity agreement in the form of a deed or bond to protect against a loss caused by a party's breach of contract."Commercial insurance is a popular and very elastic term, having reference to indemnity agreements issued in the form of an insurance bond or policy, whereby parties to commercial contracts are, to a designated extent, guaranteed against loss by reason of a breach of contractual obligations on the part of the other contracting party. To this class belong policies of 'contract,' 'credit,' and 'title' insurances." Thomas Gold Frost, A Treatise on Guaranty Insurance § 3, at 14 (2d ed. 1909).