LAW 603 Lecture Notes - Subrogation, Risk Management, Insurable Interest
Document Summary
Tangible property- is a thing that can be touched. Intangible property- is a thing that cannot be touched: property rights not always through contract, occupier is entitled to personal property if it is found in an area which the occupier had a intention to exercise control. Losing personal property rights: rights do not last forever. Common carrier- is a company that offers to deliver any goods for any person in exchange for a standard price: common carrier has few defences, act of god- is a natural catasrophe. Inherent vice- is a defect in goods themselves: exclusion clause- is a contractual term that protects one party from liability. Property insurance- is a contract in which an insurance company in exchange for a premium promises to pay money if property is lost damaged or destroyed. 3rd party coverage- provide compensation outside of the insurance contract, obligation triggered only if the insured party is accused of wrongfully inflicting a loss upon someone else.