Insurance Contract Law

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In a typical contract, one party has a duty to perform (construct a building, deliver goods, convey real estate, pay indemnity) and the other party has a duty to pay money. Breach by the performer may take the form of nonperformance, defective performance, or delay in performance. The primary purpose of damages for breach of a contract is to protect the promisee’s expectation interest in the promisor’s performance. Damages should put the plaintiff in as good a position as if the defendant had fully performed as required by the contract. Damages should never provide a profit to the non-breaching party.

Insurance is nothing more than a contract where the insurer promises to defend or indemnify an insured as a result of a contingent or unknown event that causes damage to the property of the policyholder or injury to a third party caused by the policyholder.