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Feb 29, 2024 · Learn what an inherent vice exclusion is and how it applies to marine insurance policies. Find out examples of situations where an inherent vice exclusion would deny coverage for property damage.
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Jun 26, 2024 · Learn what inherent vice is and how it affects your cargo insurance policy. Find out why you may not be eligible for a claim if your goods are damaged due to the nature of the product.
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.
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.
This article explores the challenges and risks of policy making in uncertain, malicious, and noncompliant contexts. It proposes a framework to assess and manage these risks using concepts from product failure and portfolio management.
Sep 15, 2011 · Learn what latent defect or inherent vice means in insurance policy language and how it affects coverage. See examples of cases interpreting this exclusion and how it differs across states.
