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Valuable Papers Records Insurance

Definition of "Valuable papers (records) insurance"

Coverage in the event that papers of intrinsic value are damaged or destroyed. Coverage is on an all risks basis. Limits of coverage can be quite high; but the insurance company will not pay an amount in excess of the actual cash value of the loss, or the amount necessary to repair or replace the damaged or destroyed papers. Also, the papers must be kept under lock and key.

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