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Loading... www.insuranceopedia.com · definition · 2351What is an inherent vice exclusion? - Definition from ...
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.
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What does “Inherent Vice” mean?
What is inherent vice exclusion?
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Sep 18, 2024 · Inherent vice is generally referred to as any damage caused to cargo due to the inherent nature of the product as opposed to any damages inflicted on the goods by the carrier themselves. In other words, it’s damage done by internal causes rather than external ones.
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.
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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.
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.
A potential defect in a product that could cause damage without external influence, often excluded from insurance policies. How to use "inherent vice" in a sentence. Due to inherent vice, the car's battery failed. The inherent vice of the chemical caused a spontaneous explosion.
Jun 21, 2022 · Specifically, if the insured was actually not aware of the defect or inherent vice in the insured property, or if the damage was actually unanticipated or unforeseen, the loss was fortuitous from the standpoint of the insured and, therefore, within coverage.
