Double insurance/Prescription of claims/DR Flashcards
1
Q
What is double-insurance?
A
Insurance of the same interest against the same risk with two or more insurers.
2
Q
What is the general rule regarding claims under double-insurances?
A
Insured may choose to recover their entire loss from one insurer or may claim a proportionate amount from each insurer but may not recover a greater amount than the loss actually suffered.
3
Q
What can insurer who has paid more than its proportionate share of a loss do?
A
Claim contribution from the other insurers.
4
Q
What is the legal position regarding time-bar clauses?
A
Prima facie valid clauses.
