The Concept of Property and Causality Insurance In a Contract The essence of the study of property loss insurance is so we can better understand the coverage of a fire policy to mitigate the loss consequences. Now property loss exposure refers to the inherent risks to which the different types of property are exposed. The …
Reasons Why The Principle Of Proximate Cause Is The Most Effective The principle of proximate cause is also another major principle one should take note of when signing an insurance contract. Now by definition, the principle of proximate cause stipulates that it’s not the latest, but the direct, dominate, operative and efficient cause that must …
The Principle of Insurable interest and it’s application on insurance contract The principle of insurable interest is also a very fundamental principle and is one that has to be put on consideration when about to enter into an insurance contract. Well before I begin to dive deep into this principle, I would just want to …
The Difference Between a Preliminary Inquiry and an Offer A Preliminary Inquiry is like a fishing expedition. The parties merely discuss what they’d hypothetically be willing to offer or accept, this is to test whether a party had presented an offer, or asked whether a reasonable person would think that no more than an acceptance …
Some Common Policy Conditions in An Insurance Policy Some Policy Conditions are sort of put in place to help in regulating the contract. These policy conditions may be implied or they can express conditions. The Implied Conditions In the absence of express conditions, the insurance contract is subject to implied policy conditions which are: Good …
Some of The Important Policies In Engineering Insurance It’s a known fact that engineering insurance is a very integral to construction workers, it’s worth noting that they’re are a good number of policies that are under the engineering insurance, and some of those policies includes: All risk engineering insurance policy: Under this policy the company …
The Concept Of Overseas Travel Insurance In A General Contract The Overseas Travel Insurance is also a very important policy for travel lovers, its aim is to provide protection against all risks while traveling abroad. Accidents and mishaps can happen anytime and at any place and therefore it is essential for an individual to identify …
The Origin and Concept of Engineering Insurance Policy The Origin of Engineering Insurance could be dated back to the early part of the industrialisation revolution in the United Kingdom. It comes at a time when frequent explosion of steams boilers involved loss of life and property. In the eastern Region, the first company to introduce …
The Concept Of Miscellaneous Insurance Policy in a Contract The Miscellaneous insurance policy is equally as important as the other insurance policies I’ve previously discussed. The miscellaneous insurance came as a result of the fact that some clauses are necessary but they are not popular enough to be given a full policy of their own. …
The Types of Marine Policy in an Insurance Contract The Various Types of Marine Policy is Something Every Voyager or insurer must know because, the different aspects of a marine policy are dealt with from section 24 to section 34 of the marine insurance Act of 1963. According to this act, a marine contract is …