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For example, say you have $25,000 in property damage liability coverage but you total a car worth $40,000. The auto insurance company can pay up to the $25,000 allotted, but deny the remaining ...
If a property was damaged and repair failed to restore it to its original market value then said property has suffered diminished value. Unlike depreciation , which is an anticipated and predictable loss in value over time, ‘Inherent Diminished Value’ is a loss in value due to a specific, sudden and unexpected negative occurrence.
Insurance fraud: If at any point a policyholder is found to have caused intentional damage in order to submit a fraudulent claim or takes any action that goes against the insurance policy contract ...
Currently, the limits are too low to compensate the victims. In respect of Act Only Liability Motor Vehicle Insurance, the compensation for personal injuries and property damage to third parties is ৳ 20,000 (US$165) BDT 20,000 for death, ৳ 10,000 (US$82) for severe injury, ৳ 5,000 (US$41) for injury, and ৳ 50,000 (US$411) for property ...
Reports that damage claims from 2022's Hurricane Ian were systemically downgraded have a Palm Beach County state lawmaker leading a call for a Florida grand jury and a select legislative committee ...
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
In non-personal injury claims, for instance, a claim for professional negligence against solicitors, the measure of damages will be assessed by the loss suffered by the client due to the negligent act or omission by the solicitor giving rise to the loss. The loss must be reasonably foreseeable and not too remote. Financial losses are usually ...
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