Explain the following terms of principles of Insurance : Principle of Mitigation of loss.

Principle of Mitigation of Loss: In all kinds of insurances, it is the duty of the insured not to do anything which will accelerate the happening of the risk. He should not only refrain from accelerating the risk but there is a positive duty on the assured to prevent the happening of the risk if possible and where the risk takes place, it is the duty of the assured to minimize the loss or damage. The principle of mitigation of loss literally means "to make less severe, violent or painful." This principle places a duty on the insured to make every effort and to take all such steps, in the event of some mishap to the insured property, to mitigate or minimize the loss, as would have been taken by an uninsured person. This is obviously included in order to check the insured from becoming careless and inactive in the event of the mishap merely because the property which is getting damaged is already insured. He is not expected to be a silent spectator and must take such steps as he considers prudent and he must do everything in his power to minimize the loss and to save whatever is left. The duty to mitigate loss is a general principle applicable to all branches of law and it is also applied to the law of insurance, especially having in view of the fact that insurance is a contract of indemnity. Insurance companies generally provide such clauses in the policy to take all due care and steps to minimize the loss and save the property from being damaged. No person is entitled to look on and let his property be lost just because it is insured. Therefore, one who has insured his house cannot himself set fire to it and claim indemnity under the policy or aggravate the loss in order to claim heavy damages. Thus, the assured is bound to take all reasonable steps to prevent damage as well as minimize damages.