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a natural characteristic that causes some goods to be spoiled or become damaged, which insurance companies will not accept as a risk: The insurers denied any liability on the grounds that the damage was due to an inherent vice in the computer systems.
a natural characteristic that causes some goods to be spoiled or become damaged, which insurance companies will not accept as a risk: The insurers denied any liability on the grounds that the damage was due to an inherent vice in the computer systems.
Feb 29, 2024 · An inherent vice exclusion is an exclusion found primarily, though not exclusively, in marine insurance policies that exclude coverage for damage to property that is caused by some feature or aspect of the property itself.
Inherent Vice refers to the tendency of certain goods or property to deteriorate or become damaged due to their inherent characteristics, despite all reasonable care and precautions. In insurance, inherent vice is an important consideration as it can affect coverage and claims settlements.
Sep 15, 2011 · Generally, “inherent vice” implies that no external or extraneous peril caused the loss; rather, the loss or damage results from the internal composition of the property, or some aspect of the property that brings about its own destruction.
Inherent vice is an exclusion found in most property insurance policies eliminating coverage for loss caused by a quality in property that causes it to damage or destroy itself.
Definition of "inherent vice". A potential defect in a product that could cause damage without external influence, often excluded from insurance policies. How to use "inherent vice" in a sentence.
