What underlies the whole concept of first party property and commercial property insurance is the principle of indemnity.
The principle of indemnity is one of the fundamental premises of insurance along with risk shifting and insurable interest. The principle of indemnity is the principle that insurance is intended only to replace what was lost. The policyholder should be placed in the same position they were in before the loss. There’s no crying in insurance. The losses are only measured in monetary terms. Emotional and psychological factors are not considered when you are dealing with insurance.
Reed Smith LLP
- Partner in the Chicago office of Reed Smith, LLP in the Insurance Recovery Group, named by US News – Best Lawyers as the Law Firm of the Year for Insurance Law in 2017
- Ranked in Chambers USA: America’s Leading Lawyers for Business (2007-2017) in Insurance Recovery
- Co-chair of the Property Insurance Subcommittee of the Insurance Coverage Litigation Committee of the American Bar Association Section of Litigation
- Co-author of Chapter 45 of NEW APPLEMAN ON INSURANCE LAW LIBRARY EDITION: & “Additional and Supplemental Coverages”
- Represents and advises a large retail company and a major oil and gas company on all aspects of their insurance coverage programs, including first-party property insurance
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