Equipment Dealers Insurance
Definition of "Equipment dealers insurance"
Coverage on all risks basis for such items as binders, reapers, harvesters, plows, tractors, pneumatic tools and compressors, bulldozers, and road scrapers. Excluded from coverage are wear and tear, loss due to delay, loss of market, consequential loss such as loss of income because of damage to the equipment, and mechanical breakdown. Property excluded includes aircraft, water craft, motor vehicles, and property sold on an installment contract basis after it has left the care, custody, and control of the insured dealer.
Popular Insurance Terms
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Deductible that applies for the year. For example, a business pays for the first $40,000 of losses incurred during the year and the insurance company pays for all losses above that amount ...
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Actuarial method of crediting retirement benefits earned and the costs associated with these earned retirement benefits. An increment (unit) of benefit is credited for each year of ...
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