Duties of an Insured Presenting a Property Claim | Business Law Online Course by Udemy

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This course is an exploration of first-party property insurance policy.

An excellent training about Business Law

Duties of an Insured Presenting a Property Claim

This course explains that the first party property insurance policy places multiple conditions on the person or entity insured to, at the very least, cooperate with the investigation of the insurer and to treat the insurer with good faith and fair dealing. The duties include, but are not limited to, giving prompt notice to the insurer, protecting the property from further damage, permitting the insurer to inspect the property, producing books and records, assisting the insurer in creating a scope of loss, producing documents and submitting a sworn statement as proof of loss. If the insured and the insurer cannot agree on the amount of loss, they must submit to appraisal a form of arbitration limited to establishing the amount of loss. The course covers the following: The duties a policy of first party property insurance imposes on the insured. The duties are basically a requirement that the insured fulfill all policy conditions. The use of an appraisal to resolve disputes over the amount of loss. The Concealment, Misrepresentation, or Fraud condition of the policy and how the insured can avoid its use to defeat its claim. The hazard faced by an insured who fails to fulfill the conditions of the policy. The need of the insured to prove his or her loss. The use of a public insurance adjuster. How the covenant of good faith and fair dealing assists the insured who does not fully comply with policy conditions.

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