What are the duties of the insurer?
An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured). Reading your policy helps you verify that the policy meets your needs and that you understand your and the insurance company's responsibilities if a loss occurs.
Who is the insurer and the insured?
Insured is the person who is covered against risk. On the other hand, the insurer is the company that is providing coverage. It is a service that an insurer provides under a particular insurance policy against a premium paid by the policyholder.
What is the relationship between an insurer and insured?
Express Duties:\n\n Insured must notify insurer promptly in case of loss. Insured must involve the emergency services. Insured must take steps to prevent further damages. Insured must give proof and details of the loss in a writing a certain timescale.
What is an insurance company’s duty to the insured?
The insuring agreement confers on the insurance company not only the duty but also the right, to conduct the defense of the insured. This is a valuable right as it reserves to the insurer the functions of selecting and supervising the defense team and the defense counsel, providing it “control” over the conduct of the defense.
What are the rights of the insurer in fire insurance policy?
The following are the rights of an insurer in a fire insurance policy. Right to avoid the contract. Right of control over the property. Right of entering the property. Right of subrogation. Right to salvage. Right of reinstatement. Right of contribution.
What is the relationship between an insurer and an insured?
The relationship between an insurer and insured is primarily of contractual nature, with the insurance policy serving as the principal source of the obligations of the parties.