Industrial Property Policy Program
Definition of "Industrial property policy program"
Predecessor of special multiperil insurance (SMP) policy and commercial package policy, which covered property of manufacturing installations, in at least two different locations, including machinery and equipment, and, optionally, improvements and betterments.
Popular Insurance Terms
Insurance in force previous to the present insurance policy. ...
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Type of excess of loss reinsurance in which the insurance company (cedent) cedes its risk of loss on incurred but not reported losses (IBNR) and previously reported losses. ...
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