Arkansas Restoration of Surface and indemnity by Assignee

State:
Multi-State
Control #:
US-OG-485
Format:
Word; 
Rich Text
Instant download

Description

The Restoration of Surface and indemnity by Assignee form, is used for the assignee to agree to restore the surface of the land included within the assigned assets as nearly as possible to its prelease condition when the use and operation on that part of the land is completed.

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FAQ

The rule of subrogation provides insurers with the right, once they have paid out the insurance monies due under an indemnity policy, to ?step into the shoes? of the insured and to exercise any rights or remedies which arise out of the insured event, with a view to recouping all or some of their money from a culpable ...

Actual cash value supports the principle of indemnity because it is designed to prevent profiting from insurance.

B) The concept of actual cash value supports the principle of indemnity by ensuring that the insured does not receive more than the actual amount of their loss. This ensures that the insured is not overcompensated and prevents insurers from taking advantage of policyholders.

Principle of Indemnity states that the insured shall be compensated appropriately for the losses caused to the goods by the insurer, only to the extent that the insurer does not make a profit out of the loss that occurred.

Cal. Ins. Code § 2051 defines actual cash value as:a) Under an open policy, the measure of indemnity in fire insurance is the expense to the insured of replacing the thing lost or injured in its condition at the time of the injury, the expense being computed as of the time of the commencement of the fire.

Each party shall indemnify the other party, its directors, officers, agents, and employees against all loss, damages, expense and liability to third persons for injury to or death of persons or injury to property caused by the indemnifying party's engineering, design, construction, ownership, maintenance, or operations ...

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Arkansas Restoration of Surface and indemnity by Assignee