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- inherent vice noun [ C ] uk us Add to word list INSURANCE a natural characteristic that causes some goods to be spoiled or become damaged, which insurance companies will not accept as a risk: The insurers denied any liability on the grounds that the damage was due to an inherent vice in the computer systems.
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a natural characteristic that causes some goods to be spoiled or become damaged, which insurance companies will not accept as a risk: The insurers denied any liability on the grounds that the damage was due to an inherent vice in the computer systems.
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inherent vice - A potential defect in a product that could cause damage without external influence, often excluded from insurance policies.
Sep 4, 2024 · Inherent vice is, simply put, any damage caused to goods while in transit due to the nature of the product. Food spoiling, iron rusting from moisture in the air, and a product deteriorating due to materials and construction would be a few of many examples of inherent vice.
Feb 29, 2024 · What Does Inherent Vice Exclusion Mean? An inherent vice exclusion is an exclusion found primarily, though not exclusively, in marine insurance policies that exclude coverage for damage to property that is caused by some feature or aspect of the property itself.
Define Inherent Vice. means any quality within the material or materials incorporated into the Artwork, which either alone or in combination, results in the deterioration of the Artwork. Inherent Vice does not include any potential for deterioration that is specifically identified in the Final Proposal,
Inherent Vice refers to the tendency of certain goods or property to deteriorate or become damaged due to their inherent characteristics, despite all reasonable care and precautions. In insurance, inherent vice is an important consideration as it can affect coverage and claims settlements.
Definition of inherent vice: Hidden defect (or the very nature) of a good or property which of itself is the cause of (or contributes to) its deterioration, damage, or wastage. Such characteristics or defects make the item an ...
