Principles that guide sharing the coverage of a loss between two insurance companies. These principles are developed by property and liability associations.
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Suggested procedures for establishing primacy of coverage in situations involving loss under a variety of coverage forms and, perhaps, more than one interested party. Last promulgated in the 1960s, the spirit of the principles survives because insurers apparently find that the prescribed procedures commonly lead to equitable settlements for all parties.
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Title of a published set of rules established and endorsed by major property and liability trade associations for adjustments of complex losses covered by several Insurers, particularly with respect to how losses should be apportioned under certain circumstances.