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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.
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.
Sep 15, 2011 · Generally, “inherent vice” implies that no external or extraneous peril caused the loss; rather, the loss or damage results from the internal composition of the property, or some aspect of the property that brings about its own destruction.
Jul 10, 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.
inherent vice - A potential defect in a product that could cause damage without external influence, often excluded from insurance policies.
Feb 29, 2024 · 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.
Inherent vice is an exclusion found in most property insurance policies eliminating coverage for loss caused by a quality in property that causes it to damage or destroy itself.
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.
Nov 5, 2019 · This test places an almost impossible burden on the insurer and does violence to the intent of the policy. In most cases, the studies required to establish an “inherent vice” exclusion would cost more than the loss itself. Contracts of insurance must be enforceable.
Dec 18, 2020 · Inherent Vice. Inherent vice relates to internal decomposition or some quality which brings about the object’s own injury or destruction, not an extraneous cause. [ Employers Casualty Company v. Holm, 393 S.W. 2d 363, 367 (Tex. Civ. App. 1965).]
