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1. 

   campbellsolberg
   Member

   Can you tell me about double insurance and what are its advantages or disadvantages.....?

   Posted 6 months ago #
2. 

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   Posted 6 months ago
3. 

   mmoreno
   Member

   Situation in which the same risk is insured by two overlapping but independent insurance policies. It is lawful to obtain double insurance, and the insured can make claim to both insurers in the event of a loss because both are liable under their respective polices. The insured, however, cannot profit (recover more than the loss suffered) from this arrangement because the insurers are law bound only to share the actual loss in the same proportion they share the total premium. Also called dual insurance.

   this is according to this site "http://www.businessdictionary.com/definition/double-insurance.html"

   Posted 6 months ago #
4. 

   weaverterrance
   Member

   Dual insurance:
   Dual insurance occurs when, in the case of insurance against loss or damage, the same items are insured against a certain risk under more than one insurance policy. In the event of loss or damage the benefits paid by the insurer will be reduced by the amount of the dual insurance.
   Source - http://www.osg.ie/jargonbuster

   DOUBLE INSURANCE, contracts. Where the insured makes, two insurances on the same risk, and the same interest. 12 Mass. 214. It differs from re-insurance in this, that it is made by the insured, with a view of receiving a double satisfaction in case of loss; whereas a re-insurance is made by a former insurer, his executors or assigns, to protect himself and his estate from a risk to which they were liable by the first insurance. The two policies are considered as making but one insurance. They are good to the extent of the value of the effects put in risk; but the insured shall not be permitted to recover a double satisfaction. He can sue the underwriters on both the policies, but he can only recover the real amount of his loss, to which all the underwriters on both shall contribute in proportion to their several subscriptions.
   Source - http://www.new-york-lawyer.ws/law-dictionary/dominant.htm

   Hope this helps.

   Posted 6 months ago #

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