The Private Limitation of Action Provision
Time to Bring Suit
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.”
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