Adjustment

The determining of the amount of a loss.

2 Phillips, Ins. 85 1S14, 1815.

To settle or bring to a satisfactory state so that parties are all agreed.

Mayor of New York v. Ins. Co., 39 N. Y. 45, 100 Am. Dec. 400.

There is no specific form essentially requisite to an adjustment. To render it binding, it must be intended, and understood by the parties to a policy, to be absolute and final. It may be made by indorsement on the policy, or by payment of the loss, or the acceptance of an abandonment; 4 Burr. 1966; 1 Campb. 134, 274; Barlow v. Ins. Co., 4 Mete. (Mass.) 270; Reynolds v. Ins. Co., 22 Pick. (Mass.) 191, 33 Am. Dec. 727. It must be made with full knowledge of all the facts material to the right of the insured to recover, and the adjustment can be lmpeai bed only for fraud or mistake of such material fact; Remington v. Ins. Co.. It R. I. i'!T. If there is fraud by either party to an adjustment, it does not hind the other; Tangier v. Hallett, 2 Johns, (as. i\. V.) 233; 3 Campb. 319. If one party is led into a material mistake of fact by fault of the other, the adjustment will not bind him; 2 Mast 469; Elting v. Scott, 2 Johns. (N. Y.) 157; Faugier v. Hallett, 2 Johns. Cas. (X. Y.) L'.;.:. It is a sufficient adjustment if the party states the loss; Fame Ins. Co. v. "Norris, IS 111.

App. 570.

See Insurable Interest; Abandonment; Insurance; Policy.