Insurance 101 – Chapter 9 – Volume 31 – Private Limitation Of Action Provision

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.

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