Selling Price Clause
Definition of "Selling price clause"
Property insurance coverage available to businesses that pays the established market (sales) value of products that are damaged rather than simply their lower (production) cost. This fills the gap between actual cash value, which provides coverage only for the cost to the insured, and business interruption insurance. For manufacturers, it covers the cost of all finished goods; for mercantile firms, it applies only to goods that have been sold but are not yet delivered.
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Expenses and damages incurred as the result of damage to a ship and its cargo and/or of taking direct action to prevent initial or further damage to the ship and its cargo. These expenses ...
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