Report on Claim for Indemnity in Property Damage Insurance Policy

9 Pages3096 Words363 Views

Added on 2019-12-28

Report on Claim for Indemnity in Property Damage Insurance Policy

Added on 2019-12-28

BookmarkRelated Documents

Claim for indemnity under aproperty damage insurance policy

Report on Claim for Indemnity in Property Damage Insurance Policy_1

Table of ContentsINTRODUCTION...........................................................................................................................3TASK ..............................................................................................................................................3CONCLUSION................................................................................................................................8REFRERENCES..............................................................................................................................9

Report on Claim for Indemnity in Property Damage Insurance Policy_2

INTRODUCTIONInsurance policy is the contract between the insurer and insured. The insured persondetermines the claim to insurer in which the company has to pay an required amount. For anydamages of the property insurer promises to pay the loss amount which is occurred due to perils.There are two type of insurance i.e. general and life. If there is any damage to property then itcomes under the general insurance 1. On other side, if any person is injured then it will covered inlife insurance. The person is having right if any damages has been occurred to their property. Inpresent report the what are the causes of action accrue for a claim for indemnity under a propertydamage insurance policy has been explained. TASKIndemnity is compensation amount which has been received due to damage or loss to ourproperty. In legal language, indemnity is refers to the exemption from liability for any damages.Indemnity insurance is used to conveying the transaction to cover sort of amount which cannotbe resolve by person swiftly. The damage of property is covered in liability coverage along withBodily injury liability insurance that gives right to person for the insurance. The act indemnityprotects the right of people which are performing by other person and protected from the illegalactivities. This exemption is typically applies to public officers. For example, if governmentofficer break any law in order to carry out their responsibilities then they can get the right fromthe protection of people for doing a particular thing. Indemnity holderThe holder is the person that has the responsibility of the any commercial paper like thepromissory note, cheque and the bills of exchange 2. And the holder is entitled to its own name tothe relation of the negotiable instrument and received the due amount. The person have somerights which are against to the indemnifier related with the legal provisions. There are somerights of the indemnifier and these are:all the damaged amount mention in to the contract.The indemnity amount can be compelled pay the loss to thyme third party.1. Appleman, J. A., Appleman, J. and Holmes, E. M., (2015). Excuses for Nonpaymentand Defenses to Actions for Premiums (Vol. 5). Appleman on Insurance Law and Practice.2Beard, R., 2013. Risk theory: the stochastic basis of insurance (Vol. 20). SpringerScience & Business Media.

Report on Claim for Indemnity in Property Damage Insurance Policy_3

End of preview

Want to access all the pages? Upload your documents or become a member.

The indemnification of the marine insurer by the policy holder's uncle

|785

|164

Business Law: Assignment (Solution)

|10

|1712

|51

Sample Assignment on Marine Insurance

|3054

|25

Indemnity and Subrogation as Marine Insurance Law

|10

|2725

|77

Insurance Law Case Study: Chen's Claim for Medical Expenses, Omission to Disclose Tooth Ache, and Stolen Money

|1594

|166

Marine Insurance Law

|19

|5795

|224

Report on Claim for Indemnity in Property Damage Insurance Policy