SETTLEMENT OF LOSSES
Most valuable insurance policy at the time of the occurrence of the loss. Most of the articles of the insurance policy is regarding the procedure of settlement of losses. For example, 71 from line 165 standard fire insurance policy lines of New York 1943 consisted of settlement of the claim.
Articles regarding the procedure of settlement of losses consists of: (1) notification of the loss, (2) protection of property, (3) an inventory of evidence, (4), (5) proof of the loss, (6) aid and cooperation, (7), (8) assessment submission and rescue, settlement options (9), (10) the time limit for payment of the claim, (11) the time limit for bringing the matter to the Court, and (12) clauses sundries. Not every insurance contract contains all the articles above. Life insurance policy for example contains only two of the above articles, namely, proof of loss and settlement options.
NOTICE OF LOSS
Standard fire insurance policies in New York in 1943, requires that the party that incurred to notify immediately in writing to the insurance company to the insurance company in case something losses. Many other policies also requires immediate notice in writing.
The purpose of the notice immediately it is possible for the insurance companies investigating the losses it while still warm. Slowness can complicate the task of the investigation. The longer the distance of the time between the occurrence of the loss with the notice to the insurance company the greater the chance the Parties covered to hide or negate the evidence of fraud. Notice that soon also gives the opportunity to the insurance companies to recommend actions that can protect the treasure against larger losses. Notice slowness can be bad for the position of the insurance company.
Therefore, the failure of the parties in fulfilling responsibilities
article notice immediately it can relieve the insurance company will be
responsible if the notice of failure greatly influences the position of
the insurance company.
PROTECTION OF PROPERTY
Standard fire insurance policies New York 1943, requires that parties in the responsibility to protect children from further loss or damage, to separate the property damaged from the undamaged, and put them in a manner and in the best possible place.
Intent the purpose of this article is to mini missing losses.
However, the failure of the parties in the responsibility to qualify
will not be releasing the insurer from all his responsibilities but only
from the responsibility for the losses caused by the negligence of
responsibility in party only. However, this amount is difficult to measure, usually the Court had decided.
The Court will absolve the insurance company from all responsibility if the party in his deliberately negligent responsibility protects from further losses. To be really safe, party let him keep his wealth in the responsibility after the occurrence of the loss as if the property were not on insure. If the parties are in the responsibility of doing actions that are worth, the insurance company will reimburse the disadvantage to the limits of the policy to all decent fare will be loaded.
Provided that the property damaged in separate from that is not broke do not always have to be funded literally. These terms are met if the insurance companies can already measure the magnitude of the losses. However, if the party in his leaving the responsibility in a State of disarray with the intention of elevating the loss, then the insurer may urged the fulfillment of the terms of that policy. The cost of separate property damaged from the undamaged side is dependent on not responsibilities dependent insurance companies.
