Exclusive remedy is a legal concept that limits the compensation available to an injured party to only those benefits defined in the insurance policy. It states that when an individual or entity is covered by an insurance policy, the benefits provided by that policy are the sole and exclusive remedy available in the event of a covered loss. This means the injured party cannot seek additional compensation or pursue legal action against the insurer or the responsible party beyond what is outlined in the insurance policy. The exclusive remedy provision provides clarity and finality to the resolution of claims within the insurance contract.
