What is DOUBLE RECOVERY?

An illegal attempt by an INSURED to file multiple CLAIMS on a single loss event with multiple INSURERS. Double recovery violates the principle of INDEMNITY, which states that an INSURANCE contract cannot result in a profit for the insured.

More On This Topic



Link to This Definition
Did you find this definition of DOUBLE RECOVERY helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary