Full Reporting Clause
Provision in commercial property coverage under which an insured must report the value of an insured property at periodic intervals in order to preserve coverage up to values reported. In essence, this clause requires the insured to maintain total insurance to the value of the property, or 100% coinsurance. If the insured maintains less than the 100% requirement and a loss takes place, only a portion of that loss will be paid.
Popular Insurance Terms
Frequency and severity of accidents resulting from conditions and environment surrounding one's workplace. Occupation is an important underwriting factor when considering an applicant for ...
Same as term Cargo Insurance: shipper's policies covering one cargo exposure or all cargo exposures by sea on all risks basis. Exclusions include war, nuclear disaster, wear and tear, ...
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 ...
Number of bits a modem can receive or send per second. ...
Agent who is licensed and who markets and services insurance policies in a state in which he or she is not domiciled. ...
Relationship of the frequency of deaths of individual members of a group to the entire group membership over a particular time period. ...
Person who commits a tort, a type of wrongful act, that causes injury or damage. ...
Rate-making division of insurance services offices (ISO) for inland marine insurance coverages of member companies. ...
Expenses taken out when benefits are paid. For example, a specific dollar amount is subtracted from a monthly income payment for company expenses. ...
Have a question or comment?
We're here to help.