Isaiah has a trucking business. He has insured the business premises with Diamond Insurance Company for a sum insured of $ 1.4m. The policy covers damage arising from flood, landslide, and subsidence. Fearing that Diamond Insurance Company might go insolvent, Isaiah also decided to buy another policy on the same building from Rose and Feathers Insurers for a sum insured of $1.5m, which is the market value of the building. The policy with Rose and Feathers Insurers covers damage arising from fire, flood, landslide, vandalism, and malicious damage. A few months later, Isaiah insured the same building with Lifted Insurance Company, for a sum insured of $1.6m. The policy with Lifted Insurance Company covers damage arising from fire, landslide, theft, subsidence, and vandalism. Six months after purchasing the various insurance covers, there was heavy rains in the area which resulted in severe flooding that damaged the building premises. The damage caused by the floods amounted to R1m. Isaiah plans to submit a claim to Diamond Insurance Company, Rose and Feathers Insurers and Lifted Insurance Company for R1m each. Explain what is wrong with Isaiah's plan of action. In addition, explain how the claim will be dealt with, clearly showing (by way of calculations) what each insurance company is liable to pay. (20 marks)