16.2 “fortuitous Loss”
| Library | Insurance Law in Virginia (Virginia CLE) (2020 Ed.) |
16.2 "FORTUITOUS LOSS"
Parties may insure only for fortuitous losses. A fortuitous loss has been defined as one that is dependent on chance as far as the parties are aware. 1 By statute, the fortuity doctrine is implicitly a part of every policy. For example, section 38.2-132 of the Virginia Code authorizes insurers to issue policies "insuring risks incident to a commercial enterprise." The General Assembly's use of the term "risks" implies that it does not intend to allow an insurer to issue policies covering losses that are certain or...
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