ecause the purpose of insurance is to protect insureds against unknown, or fortuitous, risks, fortuity is an inherent requirement of all risk insurance policies. The fortuity doctrine precludes coverage for both a “known loss” and a “loss in progress.” A “known loss” is a loss the insured knew had occurred prior to making the insurance contract. The doctrine has its roots in the prevention of fraud: because insurance policies are designed to insure against fortuities, fraud occurs when a policy is misused to insure a certainty.
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