Question

Explain the following Principles of Insurance :

a) Principle of Mitigation of loss

b) Principle of Contribution​

Answer 1

The Principle of Mitigation of loss

Mitigation in law is the principle that a party who has suffered loss (from a tort or breach of contract) has to take reasonable action to minimize the amount of the loss suffered.

The Principle of Contribution

Contribution establishes a corollary among all the insurance contracts involved in an incident or with the same subject. Contribution allows for the insured to claim indemnity to the extent of actual loss from all the insurance contracts involved in his or her claim.

Answer 2

Answer:

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