Stock Processing Insurance
Definition of "Stock processing insurance"
Coverage in the event that stock sent to others for processing is damaged or destroyed en route or at their premises except those perils specifically excluded. For example, this coverage can be used when processing milk into cheese since the farmer would lose everything if the milk were damaged or destroyed en route or at the processor's premises.
Popular Insurance Terms
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Payment of premiums and benefits as they come due. In pension plans, known as the "pay as you go basis." The plan depends on new employees coming into the work force so that their ...
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