Exploring No-fault Fire Insurance Claims: Simplifying The Process – The Fortune Doctrine stems from the basic concept on which insurance is based: that insurance covers risks, not losses planned, intended, or anticipated by the insured. Insurers have always believed that losses expected by the insured could not be insured. This would have the opposite effect. No one would take out insurance until they were sure they would incur a loss. The concept of risk spreading on which insurance is based would be defeated.
An accident or event is never present when the insured performs an intentional act, unless an additional, unexpected, independent and unforeseen event occurs that causes the damage. when the damage was caused by the manufacture and sale of products by the insured, the manufacture and sale of products without right were intentional and intentional acts, and there were no additional, unexpected, independent and unforeseen events beyond the control of the claimant or claimant alleged infringement caused an indemnification obligation. The court concluded that the conduct giving rise to the underlying action was neither an “accident” nor an “event” within the coverage provision. because there was no potential basis for cover, there is no duty to defend.6
Exploring No-fault Fire Insurance Claims: Simplifying The Process
The Loss-In-Progress Rule codifies a fundamental principle of insurance law that an insurer cannot insure against a loss that is known or apparent to the insured. (To see
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. (1st Cir. 1981) 655 F.2d 27, 28-29.) The public policy rule is based on the view that the risk would be to hold the insurer liable for a progressive and persistent loss of property discovered before the carrier insured to impose a guarantee on the insurer for the soundness of the insured good, which liability under the policy the insurer had not assumed. (
(1995) 10 Cal.4th 645, 691, 693 where the existence and extent of injuries were unknown from the insured’s “point of view”, coverage of continuous or progressively worsening property damage under a CGL policy was not inconsistent with the loss-in-progress rule.
The Fortune Doctrine of “Loss in Progress” rule, whereby damage began to occur before the commencement of the policy, requires that, by law, no part of the loss can be insured. (See E.G.,
(Ed Mo. 1975) 399 F. Supp. 1242. The Fortuity Doctrine only excludes a party from insuring against damage which has occurred or is certain to occur within the term of the policy. (See e.g.
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Everyone involved in the insurance industry must understand the doctrine of chance. Without fortune insurance it makes no sense.
Check out the Zalma On Insurance podcast at https://anchor.fm/barry-zalma; Follow Mr. Zalma on Twitter at https://twitter.com/bzalma; Visit Barry Zalma videos on Rumble.com at https://rumble.com/zalma; Visit Barry Zalma on YouTube – https://www.youtube.com/channel/UCysiZklEtxZsSF9DfC0Expg; Go to the Insurance Claims Library – https://zalma.com/blog/insurance-claims-library/The last two issues of ZIFL are available at https://zalma.com/zalmas-insurance-fraud-letter-2/ podcast now available at https://podcasts.apple.com/us/podcast/zalma-on-insurance/id1509583809?uo=4
This is the fifth volume of a treatise on insurance claims, comprising a ten-book series, of which this is the latest addition to Barry Zalma’s Insurance Claims Treatise which will constitute the most thorough, up-to-date, expert-written insurance claims guide available today.
Written by nationally known insurance coverage expert Barry Zalma, a semi-retired insurance attorney, consultant, expert witness, and blogger, Zalma on Insurance Claims offers in-depth explanation, analysis, examples, and detailed discussion of property insurance claims; third party liability claims; Damage claims; and insurance fraud.
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Thorough yet practical, this fifth part of the ten-part treatise is the ideal guide for any professional who works in or regularly deals with the insurance industry. Claims professionals, risk managers, producers, underwriters, attorneys (both plaintiff and defender), and business owners will greatly benefit from the ten-part treatise. It is also the perfect resource for insurance educators, trainers and students whose role requires an understanding of insurance law.
If you read through Zalma’s various sections on insurance claims, you will find comprehensive, yet understandable coverage of important topics, related to all property, casualty and liability insurance. Most of us do not think home insurance is necessary, thinking that fire insurance that we bought from HDB or the insurance that we had to take out when we took out a loan from the bank is sufficient. But as we shall see, they do not cover everything.
SCDF reported that the number of fire-related incidents caused by unattended cooking and electrical fires in residential homes increased last year compared to the previous year. In December 2021, four people, including two children, were taken to hospital when a PMD fire broke out in a flat in Sembawang.
As we hear more similar cases in Singapore, it’s probably a good time to reassess the importance of home insurance. And with our home as one of our greatest assets, protecting it seems like an obvious decision.
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In this guide, we examine the coverage you can get from home insurance versus the coverage you get from standard fire insurance, and look at the considerations to keep in mind when deciding to go for home insurance.
Suppose you already have fire insurance or a mortgage interest policy, as required by the bank where you take out a home loan. Is it still necessary to take out home contents insurance? If you are looking for greater coverage aside from structural damage and damage to fittings/fixtures, yes.
For those taking a HDB loan, you would already be required to take into the HDB fire insurance scheme administered by FWD. The insurance is valid for a period of 5 years and must be renewed every 5 years as long as you have an outstanding loan. It covers fire damage to the building, structures, fixtures and accessories supplied by HDB and its developers.
Here’s a look at how much the 5-year premiums cost and the insured amount for HDB’s fire insurance:
The Fortuity Doctrine
For those living in Management Corporation Strata-Titled (MCST) properties, fire insurance is handled by your Management Committee (MC) and usually covers property damage caused by fire. It is unlikely that any improvements or renovations will be covered by the homeowner. In the event your property is damaged by fire, the MC will file a claim on your behalf and use the funds to restore the property.
Homeowners taking out a bank loan may be required by the bank to take out a mortgage interest policy on any outstanding loan you have with the bank. This protects the financial interests of the bank rather than you, as all insurance payouts go to the bank in the event that you are unable to pay off the loan due to property damage.
So if you maintain a bank loan and own a condominium (an MCST property), you are likely covered by the fire insurance policy taken out by your MC, as well as the mortgage interest policy required by the bank.
Because of the basic coverage of the fire insurance, some homeowners take out extra home insurance to provide extra protection for their renovation work. carpentry, fittings and their contents e.g. furniture, appliances and furnishings.
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If you will be renting out your home, purchasing home insurance can help alleviate the financial costs of replacing damaged furniture or appliances caused by your tenants. If you are a renter, you may only need home insurance that covers contents and personal effects to protect you based on the terms of your lease and against personal liability.
An insured home insurance policy will cover specific disasters such as fire, burst pipes, lightning strikes, burglaries, natural disasters such as earthquakes and floods etc. These are some regular ‘perils’ as stated in an insured risk policy.
All-risk home insurance is more comprehensive (and more expensive), offers a wider range of coverage, and offers protection against accidental damage or loss. That is not to say that all-risk policies cover everything; they have their own exclusion list that you should read through to determine what can or cannot be claimed.
No two policies have the same exclusion or inclusion list. So read the conditions carefully before you take out home insurance.
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Here’s a simplified example to help you understand how each type of policy works. Picture this scenario: your guest accidentally spills red wine on a precious antique in your home while embracing the sublime qualities of a painting on the wall.
If you have bought an all-risk contents policy, you can breathe a sigh of relief because it covers the damage. If you have purchased an insured risk policy, it is likely that you will never speak to your guest again, as the insured risk policy will not cover such accidental damage. You can only claim an insured peril policy in cases where your antique is stolen, damaged by fire or flood, or struck by lightning, for example.
Every home insurance is different, so read carefully what you need. Here are a few common types of home insurance coverage:
To determine which home insurance policy to take out and whether the sum insured in the policy is adequate, it is a good idea to consult a qualified property appraiser or
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