OBSOLESCENCE IN REAL ESTATE Obsolescence refers to the state of being outdated or no longer useful, typically due to the development of new technology or ideas. It can apply to many different things, such as products, services, skills, or knowledge. Obsolescence can be intentional or unintentional, and can occur gradually over time or rapidly due …
OBLIGATIONS AND RIGHTS OF INSURER AND INSURED The relationship between an insurer and an insured is governed by a contract known as an insurance policy. The insurer is the party who agrees to provide financial protection to the insured in the event of certain specified risks, while the insured is the party who pays a …
PRINCIPLES AND LEGAL CONCEPTS IN RELATION TO INSURANCE OF BUILDINGS Insurance of buildings involves the transfer of risk from the owner of a property to an insurance company in exchange for a premium. There are several principles and legal concepts that are important to understand in relation to insurance of buildings, including: Principle of indemnity: …
PRINCIPLES AND LEGAL CONCEPTS IN RELATION TO INSURANCE OF BUILDINGS Read More »
FIRE POLICIES AVAILABLE IN THE INSURANCE MARKET Fire policies are insurance contracts that provide coverage against losses or damages caused by fire and other related perils. Fire policies typically cover damages to the insured property, including buildings, contents, and other assets, caused by events such as fire, lightning, explosion, or other perils specified in the …
