Mataracy
VIP Contributor
Since insurance concerns offers and acceptance between a prospective insured and an insurer, it is then a matter for the insurer yo decide whether or not to cover a particular peril or risk so long it falls within the ambits or antics of the classes if insurance such an insurer is authorized to underwrite.
However, due to the reforms and competitiveness in the insurance subsector or industry in recent times, there has been a rapid product development by insurers leading to provision of insurance covers that suit the demands of a insuring public. Hence, virtually every peril associated with property except those excluded or excepted by market agreement now insurable except:
i. Property belonging to a person who at the date of the contract is an enemy alien. An enemy alien is a citizen of a country that is at war with another country and who resides within the country his own country is at war with. During the Gulf War an American residing I. Iraq is an enemy alien and cannot insure his property in Iraq. But goods purchased from an enemy alien is insurable.
ii. Property for which the insurance is deemed to be against public policy e.g. a house meant for prostitutes (brothels) property stolen but goods purchased with the proceeds of a robbery is insurable.
However, due to the reforms and competitiveness in the insurance subsector or industry in recent times, there has been a rapid product development by insurers leading to provision of insurance covers that suit the demands of a insuring public. Hence, virtually every peril associated with property except those excluded or excepted by market agreement now insurable except:
i. Property belonging to a person who at the date of the contract is an enemy alien. An enemy alien is a citizen of a country that is at war with another country and who resides within the country his own country is at war with. During the Gulf War an American residing I. Iraq is an enemy alien and cannot insure his property in Iraq. But goods purchased from an enemy alien is insurable.
ii. Property for which the insurance is deemed to be against public policy e.g. a house meant for prostitutes (brothels) property stolen but goods purchased with the proceeds of a robbery is insurable.