double recovery Definition | Business Dictionaries from AllBusiness.com

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Business Definition for: double recovery

double recovery

payments in excess of the value of the loss-a prohibited practice. When an insured has more than one policy covering a risk, the full value cannot be collected from each policy if a loss occurs. The most that can be collected is each policy's pro rata share of the loss. For example, a home is insured under two policies of $100,000 each. If there is a fire loss of $100,000, the most that can be collected from each policy is $50,000.

concurrency
covered expenses, pro rata distribution clause
insurance contract, property and casualty
pro rata distribution clause
reduced rate contribution clause

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