known loss doctrine News

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 …

The known loss doctrine is a common-law concept deriving from the fundamental requirement in insurance law that the loss be fortuitous. General Housewares Corp. v. National Surety Corp., 741 N.E.2d 408, 416 (Ind. Ct. App. 2000) (citing Pittston Co., Ultramar …