Insured Buyer Clause Samples
The 'Insured Buyer' clause defines the party in a contract who is covered by an insurance policy, typically in the context of a transaction or agreement involving goods, services, or property. This clause specifies which buyer is entitled to claim benefits under the insurance, such as compensation for loss or damage to the purchased item during transit or after delivery. By clearly identifying the insured party, the clause ensures that there is no ambiguity regarding who can make a claim, thereby allocating risk and providing clarity in the event of an insured loss.
Insured Buyer. Insured Buyer means any customer of the Insured which is domiciled in an Approved Country for whom the Insured has a Permitted Credit Limit during the Policy Period.
Insured Buyer. An Insured Buyer is any buyer or a legal entity including a natural person that is liable to the Insured for payment of the Insured Debt in respect of shipments that are dispatched by the Insured in pursuance of a contract of sale, being not a buyer or such buyer in a country, excluded from the purview of cover under any provisions of the Policy.