Guiding Principles Not Binding on Insured?
The Guiding Principles are not binding on insurers although many have voluntarily agreed to abide by the precepts of the Guiding Principles. However, does the insured have any connection to the Principles? The various insurance policies do not mention the Principles and we were wondering how they would relate to the insured, if at all.
We know of an example many years ago when a company adjuster cited the Guiding Principles in a case involving a building and contents loss. The insured had no idea what the Principles are and really did not care. Should the Principles even be mentioned in dealing with the insured?
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