Liberty Quality Home - house and contents insurance
CONTRACT BASES
Article 22 - Calculation of the indemnity
* The sum insured for each cover represents the maximum limit on the indemnity to be paid by the insurer for each claim.
* The insurance may not be the object of unfair enrichment for the insured. To calculate the damage, the value of the insured interest at the moment immediately prior to the claim shall be used.
* If, when the claim occurs, the sum insured for each of the covers included in the policy is less than the value of the insured interest, the insurer shall indemnify the damage caused in the same proportion as said sum covers the insured interest.
The parties may exclude the application of the average condition described in the previous paragraph by mutual agreement.
* If, when the accident occurs, the insured sum for each one of the covers included in the policy notably exceeds the value of the insured interest, either of the parties hereto may required the reduction of the insured sum and the insurer shall reimburse the surplus from the premium already collected.
When the over-insurance is due to bad faith by the insured the agreement shall be rendered null and void. The insurer may withhold the past due premiums and those for the period underway in good faith.
Article 23 - Payment of indemnities