The right of a common owner to be reimbursed from the other common owners for their share of common expenses is called the right of?

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anamariarozo6204 anamariarozo6204

12-09-2022
Social Studies

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The right of a common owner to be reimbursed from the other common owners for their share of common expenses is called the right of?

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tutorconsortium206 tutorconsortium206 · Answer 1 · 2022-09-14T19:00:16+02:00

The right of contribution is the right of a common owner to receive payment from the other common owners for their proportionate share of common expenses.

What does the contribution right entail?

The right to repayment for the proportionate contributions of other obligated parties is known as the right of contribution and it belongs to a party who has fulfilled a joint commitment. It should be taken into account that an insured or other entity may hold numerous policies on the same risk, property, and/or interest.

Contribution is a great way for an insurance company to recoup some of the damages it pays out on a specific loss. Two contribution rights for an insurer are established under Ohio law:

From a co-tortfeasor in accordance with Ohio Revised Code Section 2307.25; and
From a coinsurer or concurrent insurer who offers coverage for the same loss.

Learn more about reimbursement here:

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