CMG 301 MOD SLP Essay Example | Topics and Well Written Essays - 500 words

CMG 301 MOD SLP - Essay Example The insured must insure at least 90% of the total value of the insured property and pay a premium accordingly in order to recover based on the full value of their loss. If the insured fails to do so they will self insure proportionally. For example, if only 50% of the property value is insured and a loss of $100,000 is suffered the claim will be based on insurance limit carried divided by insurance limit required times the loss, that is $1,000,000 divided by $1,800,000 times $100,000 equals $55,555.55. the insured may and indeed is required to take immediate steps to protect the affected property from further loss or damage before the arrival of the adjuster. Any reasonable costs incurred will be included in the insured’s claim. In the event of a claim under this policy which results from the negligence or deliberate action of a third party the insured agrees that upon payment of the claim, the insurer may pursue recovery against the responsible party in the insured’s name. The insured may join the insurer to pursue recovery of any uninsured loss. Any recoveries and costs involved will be shared in proportion to the parties’ financial interests. The insurer pledges to investigate all claims thoroughly and promptly after notification and to pay all valid claims within 30 days of receipt of the insured’s properly completed Proof of Loss. In the event the insurer denies the claim or disagrees with the insured’s quantum calculation, the insured will be advised in writing within 30 days of receipt of their Proof of Loss and provided with a full explanation of the insurers’ position 3They must co-operate fully and with complete honesty the insurer at all times the policy is in effect. When requested they must allow the insurer to inspect the premises and provide any information required by the insured material to it’s assessment of the risk. Included in the premium is