Which of the following is a common principle in property insurance?

In property insurance, the common principles that govern the contracts include subrogation, indemnity, and utmost good faith, all of which are essential in ensuring fairness and clarity in the insurance transactions.

The principle of subrogation allows the insurer, after they have paid a claim, to pursue recovery from a third party responsible for the loss. This principle prevents the insured from being compensated twice for the same loss and ensures that the responsible party ultimately bears the financial burden.

The principle of indemnity ensures that the insured is restored to their financial position prior to the loss but does not allow them to profit from the insurance. This principle is fundamental in preventing over-insurance, which could lead to moral hazard, where the insured might taking greater risks knowing they are covered.

The principle of utmost good faith, or "uberrima fides," places a duty on both parties to act honestly and disclose all relevant facts when entering into the insurance contract. This principle is key in maintaining trust and transparency in the relationship between the insurer and the insured.

Thus, since all three principles play a significant role in property insurance, selecting the option that states "All of the above" accurately reflects the comprehensive nature of these foundational concepts in the insurance framework.