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…
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:…
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…
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…
In the realm of insurance, the principle of onus of proof plays a critical role in the claims process. It refers to the responsibility of the insured to demonstrate the validity of their claim when…
Limited defects coverage in insurance policies poses significant risks for property owners and contractors alike. This type of coverage means that if defects are uncovered after the policy takes effect, the insurer may deny coverage…
In the realm of insurance, deductibles are a critical component influencing both policyholder costs and claims processing. Here’s a comprehensive look at what deductibles entail and their role: Understanding deductibles is crucial for navigating insurance…
In the realm of insurance, a subrogation waiver plays a crucial role in determining how liability for damages is managed. Here’s an in-depth look at what it entails and its significance: In conclusion, understanding the…
Subrogation is a critical legal principle in insurance that empowers insurers to recover amounts paid out in claims from third parties who are responsible for causing or contributing to the loss. Here’s how it works:…
