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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.
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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 17, 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:
Is The Named-peril Policy Any Better? Are There Exceptions To The Inherent Vice Exclusion? Is There A Cargo Insurance Policy That Covers Inherent Vice? What Is The Difference Between The FC&S (Free Of Capture Seizure) Clause And Inherent Vice In Cargo Insurance? How Much Is Cargo Insurance?
Higher inherent vice risks may lead to increased insurance costs, as insurance providers may need to account for the potential expenses associated with repairing or replacing materials and systems affected by inherent vice.
Sep 15, 2011 · Generally, “inherent vice” implies that no external or extraneous peril caused the loss; rather, the loss or damage results from the internal composition of the property, or some aspect of the property that brings about its own destruction. See Harmon v. Safeco Insurance Co. of North America, 24 Kan. App. 2d 810, 954 P. 2d 7, 10 (1998).
Nov 5, 2019 · In most cases, the studies required to establish an “inherent vice” exclusion would cost more than the loss itself. Contracts of insurance must be enforceable. The test proposed by the Winans court is too burdensome.
