The object of the Guiding Principles was twofold: to provide for the insured the broadest coverage available from a collection of policies; and to provide insurers an orderly way of adjusting losses under overlapping policies that would be fair to all parties involved.

As an example of this: if one insurer has issued a policy covering contents and another insurer has issued a policy covering stock and there is a loss that includes both, the two insurers could wrangle over which party would contribute what amount to the loss of the stock; or, if both insurers have agreed to abide by the Guiding Principles, they will acknowledge that the insurance applying specifically to stock is primary and that the contents insurer provides excess coverage for the stock and primary coverage to contents other than stock. As for the insured, as long as he recovers for his loss, his interests are served and he need not be a party to the negotiations between the two insurers.

Insureds have a right to demand that each insurer live up to its contract, but the insureds usually do not have a say in the settlement negotiations between insurers. And based on that, there is no real need to discuss the Guiding Principles with the insured. The Principles are over forty years old and it may be that current policy language has superseded the need for the Principles, but they can still serve as guides for insurers in the settlement of property coverage disputes. The insured may not know of or care about the Principles, but that does not negate the usefulness they can provide for insurers.