Which of the following statements regarding Statutory Conditions in a claim is incorrect?

The assertion that the insured can claim for items not owned is incorrect because insurance policies typically require the policyholder to have an insurable interest in the property being claimed. This means that the insured must be able to prove ownership or at least a vested interest in the items for which they are seeking compensation. Insurers will only honor claims for property that the insured can demonstrate they own or have a legitimate interest in, ensuring that the coverage aligns with the principle of indemnity. This principle is fundamental to insurance and protects insurers from fraudulent claims, where a person might seek reimbursement for items they do not actually own.

In contrast, the other statements accurately reflect the conditions under which claims are processed. For instance, the insurer's requirement for proof of ownership and the implications of not protecting property from loss are key elements outlined in the statutory conditions that may influence claim settlements. Additionally, statutory conditions indeed apply to both the insurer and the insured, creating a framework of responsibilities and rights that govern the insurance contract.