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28 INDEMNITY

Law of Insurance Contracts

Chapter 28 INDEMNITY 28-1 ACTUAL LOSS In the case of non-indemnity insurance, the claimants recover the amount stated in the policy. 1 In this respect insurance contract law is in line with general contract law which pays careful attention to clear contract clauses on the matter. 2 In the case of indemnity insurance, the claimants recover the amount of their actual loss 3 and this chapter is concerned with the assessment of actual loss. They may not recover more than their actual loss, 4 even if the sum insured is greater ( below, 28-1A ). Moreover, it also follows that the amount recoverable from the insurer is reduced by any indemnity for the same loss already obtained from a third party. 5

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