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A Chapter in Fire Insurance: “Specific” and “Average”

Published online by Cambridge University Press:  18 August 2016

Thomas Miller*
Affiliation:
Scottish Union Assurance Society

Extract

According to present practice, when property is insured, both by average and by specific policies, the latter have to bear the whole of any loss which may occur, unless it exceed the total amounts which they insure; and, in that case, the excess of loss over the amounts they insure is covered by the average policies, and is subject to average at the settlement of the claim.

Type
Research Article
Copyright
Copyright © Institute and Faculty of Actuaries 1860

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