It is the prime responsibility of the insured party to take reasonable steps to minimise loss/damage to the insured property. Name the principle of insurance in this scenario.

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Solution

Mitigation principle of insurance states that as the owner of an insurance policy, he/she must take necessary steps to minimise the loss of the insured property. The law does not allow one to be negligent or irresponsible just because they know they are insured.

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Similar questions

Which principle states that it is the duty of insured to take reasonable steps to minimise the loss or damage to the insured property?

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It is the duty of the insured to take reasonable steps to minimise the loss or damage to the insured property.

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Name the principle of insurance for each of the following statements:

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(b) Insured must have some economic interest in the subject matter of Insurance contract.

(d) Insured is entitled to recover the loss suffered by him, up to the limit of policy amount

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