Skill Bits Collection
Assessment Basics about Contracts Contract Administration Contract Compliance and Ethics Contract Drafting Contract Management Contract Negotiations Contract Risk Management Contracts Digital Contract Management Solutions EPC Contracts Financial Management for Contracts International Contracts Managing Contracts
Understanding Liability Insurance: Your Safety Net Against Lawsuits
Imagine accidentally damaging someone’s property or facing a lawsuit for negligence. Liability insurance comes to the rescue! It safeguards you financially if held responsible for causing injury or property damage to others. What Does Liability Insurance Cover? This insurance acts…
Understanding the Principle of Proximate Cause in Insurance
The principle of proximate cause is a cornerstone of insurance, crucial in determining whether a loss is covered under a policy. This principle identifies the dominant or most significant cause of a loss, setting in motion a chain of events…
Honesty is the Best Policy: Utmost Good Faith in Insurance
The foundation of a strong insurance contract? Utmost good faith! This principle demands honesty and transparency from both the insured (you) and the insurer (the company). Here’s what it means: Utmost good faith benefits everyone: Remember: When applying for insurance,…
Insurance Paid Up? Your Insurer Might Step In (Subrogation Explained)
You file a claim, your insurance company pays out – happy days, right? But there’s a twist: subrogation. This legal principle allows your insurer to step into your shoes after a payout. Let’s see how it works: Through subrogation, your…
Don’t Double Dip! Understanding Insurance Contribution
Imagine having two car insurance policies. Great redundancy, right? But what happens if your car gets damaged? The principle of contribution kicks in. This principle ensures fairness when an insured has multiple policies covering the same risk. Here’s how it…
The Principle of Indemnity: Why Insurance Isn’t a Get-Rich-Quick Scheme
Imagine this: your car gets damaged in an accident. Insurance comes to the rescue, right? Absolutely! But there’s a key principle at play: indemnity. This principle ensures insurance reimburses you for the actual financial loss, not a windfall. Indemnity means…
Why Does Insurable Interest Matter in Your Insurance Policy?
The principle of insurable interest is a fundamental concept in insurance. It ensures that insurance is used for its intended purpose: protecting against genuine financial losses. This principle states that the policyholder must have a financial stake in the insured…
Understanding the Principle of Unforeseeability in Insurance
Insurance operates on several foundational principles, one of the most crucial being the Principle of Unforeseeability. This principle stipulates that for a loss or damage to be covered, it must be of an unforeseeable and accidental nature. In other words,…
Fundamental Principles of Insurance Explained
Insurance is built on several core principles that ensure fairness and clarity in policy management and claims settlement. Here’s a look at the fundamental principles guiding insurance practices: Understanding these principles is essential for anyone engaged in managing insurance policies…