The Known Loss Doctrine and Liability Insurance

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Insurance coverage is premised on the concept of fortuity – a loss that occurs by chance or accident. When an insurance company issues a policy, it insures against a risk of possible loss, not a certainty. Insurance carriers do not intend to provide coverage for a loss that has already occurred, is in progress, or is substantially certain to occur. Yet, situations will arise where policyholders attempt to obtain insurance coverage for a loss that has already occurred.

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