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A co-insurance, which typically governs non-proportional treaty reinsurance, is an excess expressed as a proportion of a claim in percentage terms and applied to the entirety of a claim. Co-insurance is a penalty imposed on the insured by the insurance carrier for under reporting/declaring/insuring the value of tangible property or business income.
A customer review is an evaluation of a product or service made by someone who has purchased and used, or had experience with, a product or service. Customer reviews are a form of customer feedback on electronic commerce and online shopping sites.
Independent marine surveyors are often employed by the clients of marine insurers to provide evidence in support of damage claims made against the insurer. Insurance companies cannot require customers to use specific marine surveyors and risk legal scrutiny and potential recourse if they impose surveyor requirements.
Inland marine insurance is an insurance category in the United States that indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance.
Magnuson–Moss Warranty Act; Long title: An Act to provide disclosure standards for written consumer product warranties against defect or malfunction; to define Federal content standards for such warranties; to amend the Federal Trade Commission Act in order to improve its consumer protection activities; An Act to provide minimum disclosure standards for written consumer product warranties ...
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Warranty claims historically required privity between the injured party and the manufacturer or seller; in plain English, they must be dealing directly with one another. As noted above, this requirement was demolished in the landmark Henningsen case. Breach of warranty-based product liability claims usually focus on one of three types: