COMMERCE 4FP3 Lecture Notes - Subrogation
Document Summary
Property insurance is what covers the catastrophes that happens to your home (burglary, fire) Liability insurance is insurance that covers you in case something happens on your property ( someone falls on ice) You should have a picture record/ or plain record of what you have in case of vandalism and theft. Negligence: if you don"t protect others from harm, you are negligent (not salting) Indemnity ( you can not claim for more than your loss, than what you actually lost). If you lost 10 000 in a fire, you can"t claim 20 000. If they catch you, you get charged with fraud because you are lying***** (this why they like to see pictures of inventories that you have) You would want to be able to replace your asset. If they reimburse you for the actual, you"re going to get 5000. If they have a replacement cost, they buy you a new car( or a replace it ).