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Feb 29, 2024 · An inherent vice exclusion is an exclusion found primarily, though not exclusively, in marine insurance policies that exclude coverage for damage to property that is caused by some feature or aspect of the property itself.
Inherent Vice refers to the tendency of certain goods or property to deteriorate or become damaged due to their inherent characteristics, despite all reasonable care and precautions. In insurance, inherent vice is an important consideration as it can affect coverage and claims settlements.
Jul 3, 2024 · Depending on the insurance policy you have, it’s likely that you agreed to having your cargo covered with the exception of damages caused by inherent vice. In summary, here are a few reasons you may not be eligible for a claim:
Inherent vice is an exclusion found in most property insurance policies eliminating coverage for loss caused by a quality in property that causes it to damage or destroy itself.
Insurance protects against hazards, not certainties. Definition of Inherent vice: Damage to goods which one can foresee is bound to occur during any normal transit, and which arises solely because of the nature or condition of the goods.
Nov 12, 2023 · Table of Content. 1. Understanding Inherent Vice. 2. What is Bailees Customers Insurance? 3. Coverage for Inherent Vice. 4. Examples of Inherent Vice. 5. Natural Deterioration and Insurance Coverage. 6. Preventing Inherent Vice and Natural Deterioration. 7. Common Exclusions in Bailees Customers Insurance. 8. Choosing the Right Insurance Coverage.
Sep 15, 2011 · This week’s review of common exclusions found within all-risk insurance policies focuses on the latent defect or inherent vice exclusion. While other exclusions are somewhat more straightforward – we all may have a good idea of what mold is – this exclusion first raises the question: What is a latent defect or inherent vice?
