Collection Expense Insurance


Definition of "Collection expense insurance"

Chad Vogt real estate agent
Chad Vogt, Real Estate Agent RE/MAX Palm Realty

Same as term Accounts Receivable Insurance: coverage when business records are destroyed by an insured peril and the business cannot collect money owed. The policy covers these uncollectible sums plus the expense of record reconstruction and extra collection fees. It does not insure the physical value of the records themselves such as the paper or computer disks and tapes.

 

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