Some policies attempt to cover the right of salvage by making it an option of the insurer to take all or part of the property at the agreed value. Only inland marine policies contain “sue and labor” clauses that require the insured to work to protect the property against loss.
The following video was adapted from my book, “Insurance Claims A Comprehensive Guide” Published by the National Underwriter Company and is available at the Zalma Insurance Claims Library
Legal Disclaimer
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.
The term “salvage” simply means used or damaged property that retains asset value. It did not connote equipment that was valueless or incapable of use.
The following video was adapted from my book, “Insurance Claims A Comprehensive Guide” Published by the National Underwriter Company and is available at the Zalma Insurance Claims Library
Legal Disclaimer
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.
Most, but not all, insurance policies authorize an insured to waive subrogation before a loss to anyone the insured chooses and after a loss to certain categories of people like tenants and landlords.
The following video was adapted from my book, “Insurance Claims A Comprehensive Guide” Published by the National Underwriter Company and is available at the Zalma Insurance Claims Library
Legal Disclaimer
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.
Insurer Can Sue Insured’s Attorney for Malpractice
In New York it was held that an insurer could state a cause of action against the insured’s attorney for malpractice based on a theory of equitable subrogation
The following video was adapted from my book, “Insurance Claims A Comprehensive Guide” Published by the National Underwriter Company and is available at the Zalma Insurance Claims Library
An Insurance Expert's Take On Insurance Coverage and Insurance Claims Handling (c) 2015 & 2016 Barry Zalma & ClaimSchool, Inc.
