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,…
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…
Property damage insurance policies are crucial for protecting physical assets against a range of risks. Here’s an in-depth look at what these policies entail and how they work: Understanding property damage insurance policies is essential…
Contractual Liability Exclusion is a critical provision found in insurance policies, influencing coverage related to liabilities assumed through contracts. Here’s a detailed exploration of what this exclusion entails and its implications: Understanding the Contractual Liability…
Employee dishonesty poses significant financial risks to businesses, yet it is often excluded from standard insurance policies. To safeguard against internal threats such as theft, embezzlement, or fraud by employees, businesses can opt for fidelity…
Insurance policies often include provisions requiring policyholders to protect damaged property from further harm following an incident. Failure to fulfill this obligation can affect the eligibility and payout of insurance claims, underscoring the importance of…
Insurance policies typically exclude coverage for deliberate damage caused by the insured. This exclusion is a critical safeguard against fraudulent claims and ensures that insurance funds are used appropriately for genuine losses. Defining Deliberate Damage…
A Joint Loss Agreement (JLA) serves as a pivotal contract between multiple insurers with interests in a shared insured property or liability. This agreement outlines critical aspects of claims management, ensuring clarity and efficiency in…
Claims preparation expense is a critical aspect of insurance coverage, allowing businesses to recover costs associated with presenting claims to insurers. Here’s a detailed look at how these expenses are defined, calculated, and managed under…
