Insurance – Stolen objects: what date should be used to assess the compensation?

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The date which must be retained to carry out the evaluation of the compensation, which is fixed according to the value of the insured property, is that of the day of the loss. This is what the Court of Cassation has just recalled.

Two owners of a residential house are victims of a burglary, in which a certain amount of money, carpets and gold coins purchased in Turkey, are stolen.

After declaring their claim to their insurer, the latter arranges for an amicable appraisal. The expert commissioned by the insurer then evaluates the stolen gold coins at the sum of €42,501 corresponding to the value of the gold coins on the day of the loss.

However, the Lyon Court of Appeal makes another assessment of the insurance indemnity and retains the conversion value between the euro and the Turkish lira, on the day of the decision, which is €14,832.

The Court of Cassation overturns the judgment of the Lyon Court of Appeal. It recalls that the insurance code provides that insurance relating to property must comply with the indemnity principle. According to this principle, the evaluation of the indemnity paid by the insurer must not exceed the value of the insured property. And only the assessment of the compensation for the insured property, on the day of the loss, must be taken into account.

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