Duties Of The Insured
Updated: 28 October 2024
What Does Duties Of The Insured Mean?
Duties of the insured refer to the responsibilities of the policyholder, which generally require the exercise of good faith and the maintenance of fair dealing. These duties are typically outlined in the conditions section of the insurance contract.
Insuranceopedia Explains Duties Of The Insured
Some of the duties of the insured include the following:
- Disclosing material information
- Avoiding concealment and misrepresentation
- Reporting loss or damage to the authorities
- Notifying the insurer of a claim
- Preparing an inventory of damaged or stolen property
- Providing proof of loss to the insurer
Failure to comply with these duties may constitute a breach of contract, which can lead to the cancellation of the policy and the forfeiture of premiums paid.
