Private Limitation Of Action Provision
Like property insurance policies from the very beginnings of insurance, Like property insurance policies from the very beginnings of insurance, the Standard Fire Policy contains a private limitation of action provision that is written in a contract—rather than a law enacted by a legislature or the Congress—that provides:
“No suit or action on this policy for the recovery of any claim shall be sustainable in any court of law or equity unless all the requirements of this policy shall have been complied with, and unless commenced within 12 months next after inception of the loss. [NY Standard Fire Policy; California Standard Fire Policy.
The author and publisher disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this blog. The information provided is not a substitute for the advice of a competent insurance, legal, or other professional. The Information provided at this site should not be relied on as legal advice. Legal advice cannot be given without full consideration of all relevant information relating to an individual situation.