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.
Popular Insurance Terms
Section describing coverages under a policy. Elsewhere in the policy other sections may restrict or exclude coverages. ...
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Rate not subsequently adjusted. The rate stays in effect regardless of an insured's subsequent loss record. ...
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