Which statement is NOT true about Statutory Conditions?

The assertion that failure to protect property from loss usually does not affect claims is not true regarding statutory conditions. Statutory conditions are specific provisions in an insurance policy that establish both the insurer's and the insured's rights and responsibilities. One of the critical requirements in many insurance contracts is the obligation of the insured to take reasonable precautions to protect their property from further damage after a loss occurs. This is part of the duty to mitigate losses.

If an insured fails to take appropriate steps to prevent further damage to their property, it can impact their ability to make a successful claim. The insurer can deny or reduce a claim based on the insured's failure to meet this statutory condition. Therefore, the integrity of the claim could be compromised, making this statement inaccurate within the context of statutory conditions and insurance claims.

Meanwhile, the other statements accurately reflect the typical statutory conditions where the insurer's rights to investigate, the timeline for notifying the insured about repairs, and the ability of an agent to notify of a loss are aligned with the established practices within insurance policies in British Columbia.