King Charles celebrated Trooping the Colour at the weekend, but there were noticeable absentees with Prince Harry and Meghan Markle remaining stateside.

The Sussexes have not attended the event, also known as the King’s Birthday Parade, since 2019 – a year before they quit their roles as senior working royals. 

And a royal expert now says there were brief talks on whether to invite the pair to this year’s ceremony, but the Firm is said to have quickly shot down that idea.

Royal expert Tom Quinn told The Mirror : “There was a brief discussion among the senior Royals about inviting Harry and Meghan to trooping the colour.

But the idea was quickly dismissed because even if the couple accepted the invitation there is a feeling that they cast a dark shadow over everything.”

Princess Kate made a return to the public eye at the event following the news she is undergoing treatment for cancer. 

Kate, 42, beamed as she stood on the balcony at Buckingham Palace during the climax of the event. As the RAF flypast took place, Kate was seen waving to the cheering crowds as she stood shoulder-to-shoulder with King Charles, who is also having cancer treatment.

The princess stood on the balcony alongside her husband Prince William and the pair were seen chatting enthusiastically while their three children Prince George, Princess Charlotte and Prince Louis watched on.

While Harry was a no-show once again, another royal expert said he would have felt “regret” at his decision to stay away. Royal commentator Richard Fitzwilliams believes the Duke of Sussex must harbour some nostalgia for his past duties, especially those linked to his time with the military.

Speaking after their absence, Fitzwilliams told the Sun: “I think when it comes to military matters Harry has always taken an interest.”

He also shared his thoughts on the Sussexes’ split from the Royal Family, adding: “I think that he does unquestionably view the way the break has occurred with the Royal Family. Which, as I say in my opinion, is the fault of the Sussexes. They’ve been hoping for an apology from the Royal Family regarding their treatment during their time as senior royals, which is unlikely to happen. There’s likely a touch of regret there.”

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Source: CNN

Insurable Interest: A Key Concept in Insurance

Insurable interest is a fundamental principle of insurance contracts that ensures the legitimacy and fairness of insurance transactions. It refers to the legal right or financial interest a person or entity must have in the subject matter of the insurance contract. The concept ensures that the policyholder has a stake in the preservation or protection of the insured property or life. Without insurable interest, an insurance policy would not be valid or enforceable.

Key Aspects of Insurable Interest

1. Definition and Requirements
   • Definition: Insurable interest is a financial or other interest that one party has in the life, property, or liability that is the subject of insurance.
   • Requirements: It must be present at the time the insurance policy is issued. The policyholder should have a reasonable expectation of financial loss if the insured event occurs.
2. Examples of Insurable Interest
   • Life Insurance: A spouse has an insurable interest in the life of their partner because their financial security is tied to that person’s life.
   • Property Insurance: A homeowner has an insurable interest in their home and its contents because they own them.
   • Business Insurance: A company has an insurable interest in the health of its key employees, as their loss would affect business operations.
3. Purpose and Importance
   • Protection Against Moral Hazard: Ensures that the policyholder has a genuine interest in the preservation of the property or life, thus reducing the likelihood of fraudulent claims.
   • Legitimacy of Insurance Contracts: Guarantees that insurance contracts are not merely speculative bets on the occurrence of an event.

Types of Insurable Interest

1. Personal Insurable Interest: Direct and personal, such as a spouse having an interest in the life of the other spouse.
2. Financial Insurable Interest: A business owner has an interest in their inventory or machinery as loss would impact the business financially.
3. Property Insurable Interest: An individual has an interest in their home or car.

Legal Implications

• Life Insurance: Some jurisdictions require insurable interest only at the inception of the policy, while others require ongoing insurable interest throughout the policy term.
• Property Insurance: Insurance contracts may require insurable interest to be maintained throughout the duration of the policy. Failure to comply could result in the invalidation of claims.

Application in Insurance Policies

• Underwriting Process: Insurable interest is a key consideration during the underwriting process to assess risk and establish premiums.
• Claims Process: Insurable interest ensures that claims are legitimate, reducing fraudulent claims and ensuring that policyholders have a genuine financial stake.

Conclusion

Insurable interest is a foundational concept in insurance that ensures the integrity and validity of insurance contracts. It safeguards against moral hazard, establishes fairness in insurance transactions, and ensures that insurance policies provide genuine protection to policyholders. Understanding and applying insurable interest in insurance contracts is crucial for all parties involved, ensuring the protection and legitimacy of the insurance industry.