What does 'transactions thereunder' imply in the context of an insurance policy?

The phrase 'transactions thereunder' in the context of an insurance policy specifically refers to actions and activities that occur after the policy has been issued. This includes, most notably, claims transactions that the policyholder may initiate when they suffer a loss or damage that is covered under the terms of the policy. The focus is on the interaction and processes related to the policy once it is in effect, which typically involves claims handling, policy adjustments, endorsements, and other similar activities that a policyholder might undertake in relation to the coverage provided.

Understanding this term is essential for navigating the responsibilities and rights of both the insured and the insurer once the agreement is in place. It delineates the scope of ongoing engagement with the insurance contract, emphasizing that any actions taken within the scope of that policy are considered 'transactions thereunder.'