FORTUITOUS EVENT

Posted on July 20, 2013July 20, 2013

An unforeseen accident; any loss or damage which is not an inevitability.

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LOSS

Generally refers to (1) the amount of reduction in the value of an Insured’s property caused by an Insured peril; (2) the amount sought through an Insured’s claim; or (3) the amount paid on behalf of an Insured under an insurance contract.