Like all contracts, insurance agreements are drafted and entered into in order to carry forward the intentions of the parties.
Understanding the Distinct Purpose and Meaning of First-Party Insurance
Like all contracts, insurance agreements are drafted and entered into in order to carry forward the intentions of the parties. Because parties negotiate first-party property insurance to protect interests that differ fundamentally from those covered by third-party liability insurance, third-party precedent is of limited — if any — relevance and utility in interpreting first-party insurance agreements.
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