Martin owns a property valued at $36 million dollars. Because the property is expensive, Martin has three insurance contracts for this property from different insurers. His contract with ABC insurance is for $18 million. The contract with DEF insurance is for $12 million. The contract with GIH insurance is for $6 million. These contracts include an other-insurance provision, which states that losses will be covered by the three insurers by contribution by equal share. 1- One day, a $9 million loss incurred to the property. Explain how this loss will be covered by three insurance companies (and calculate how much each company will cover). (3 marks) 2- Another day, a $33 million loss incurred to the property. Explain how this loss will be covered by three insurance companies (and calculate how much each company will cover). (4 marks)