Why insurance contracts are so unique
Insurance contracts are different than most because they contain three specific clauses which make them unique. These clauses; insurable interest, utmost good faith, and indemnity are the driving factors of every insurance policy and are important to understand when purchasing or selling insurance. Here we are going to dig deeper into each of the topics in order to understand them better.
It is important to take away that insurance is still important and that not all things are equal. When purchasing insurance you should work with an experienced professional who understands your situation. The worst time to find out your coverage is not correct is after you have had a claim. In our follow up post we are going to look at what you should look for before deciding which insurance professional you are going to work with.
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The Base Team
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