Professional Documents
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Casualty Insurance Notes
Casualty Insurance Notes
Person or
property of the
insured
Two divisions distinguished.
1. Insurable The insured has
Interest
interest
in his
A third
party
life (Sec.
10)
has no cause
and of
onaction
his
property
(Sec.
against
the
13) insurer.
2. When
payable?
Third party
liability
The insured has
interest
in the
A third
party
safety
of
persons
can directly sue
whothe
may
insurer.
maintain, or in the
freedom from
damage of
property which
may become the
basis of suits
against him in
case of their injury
or destruction
Action against
the insurer lie
only when there
is an actual loss
sustained by the
insured
4. Basis of
Insurers
liability
Based on
contract
Based on contract
5. Extent of
Insurers
Liability
Extent of Policy
Extent of Policy
3. Right of a
third party
injured to sue
the insurer