Indemnity Policies and the Duty of the Insured After a Loss

An Indemnity policy is an agreement mostly in property insurance by one party (the insurer) to make good a loss sustained by the other party (the insured). The principle ensures that the person who actually suffers the loss receives no more and no less than the value of the loss. Once a policyholder suffers a loss as a matter of urgency, the following actions must be taken Notify the insurance company at the earliest.

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