Payment, by each of several jointly liable, of a share in a loss suffered or an amount paid by one of their number for the common benefit.
The sharing of a payment for a debt or judgment among persons who are all liable for the debt. See RCW 4.22.040.
The principle of contribution applies where a risk is insured twice or more, for example on a travel and household policy, and the two insurers concerned may share the cost of any claim. This means that an individual cannot claim twice on two policies for the same loss which would contravene a key principle of insurance which is that the insured cannot be better off following a loss and claim.
legal doctrine that enables parties sued under joint and several liability to obtain compensation from other parties who may have been legally liable, but who were not proceeded against in the original court action.
The term relates to circumstances where more than one party covers the risk. Each party is deemed to be liable for his proportion of the loss. If the Assured recovers in full from one insurer, that insurer is entitled to recover from the other insurer for that part of the loss which should have been paid by the latter. The term is used in marine insurance, also, in relation to contributions paid by the Assured in connection with salvage and/or general average.
Where someone is holding two or more insurance policies covering the same interest in the same property for the same peril, and if the policies are contracts of indemnity, then the law does not allow the insured to recover a loss under both policies and so make a profit out of the misfortune he has insured against. Instead, the insurers concerned share in the loss proportionately. This is known as contribution.
A participation, as two insurance policies in the same loss.
A right of someone to recover from a third person all or part of the amount which he himself is liable to pay.
This relates to situations where more than one party covers the risk. Each party is deemed to be liable for its portion of the loss. If the insured has recovered in full from one insurer, that insurer is entitled to recover from the other insurer that part of the loss which should have been paid by the latter. The term, as used in marine insurance, also applies to contributions paid by the insured in connection with salvage and/or General Average.
when more than one policy covers the same risk, each insurer contributes by paying its rateable proportion of any loss.
The principle of contribution applies where a risk is insured on more than one insurance policy (for example on a travel and household policy), and the two insurers concerned may share the cost of any claim.
(Clause de pluralité d'assurances) Sharing of loss or liability between two or more insurance companies covering the same risk. Most insurance policies contain a contribution clause.
the principle whereby two or more insurers covering the same risk contribute proportionately to any losses.
Where two or more polices exist covering the same interest, there is double insurance. Each Insurer will contribute rateably towards the loss in proportion to the amount for which he is liable under his policy.
This clause is similar to the average clause but applies in circumstances where there is more that one policy covering the same loss. Under these circumstances each policy (Insurer) will pay a rateable proportion of the loss in the ratio that their policy's Sum Insured bears to the loss.