Waiver Of Inventory Clause
Provision in property insurance that waives, under specified circumstances, the requirement for an inventory of undamaged property when a damage claim is filed. A coinsurance clause in a fire insurance policy typically requires such an inventory or appraisal at the time of a claim. The waiver avoids the expense of an inventory when the claim is small. Under one common formula, the inventory requirement is waived when the claim is for less than $10,000 and is also for less than 5% of the limit of all insurance coverage applicable to the property.
Popular Insurance Terms
Policy underwritten on either a monoline primary insurance or monoline excess insurance basis that will allow the purchaser to increase the limits of liability coverage above that of ...
Statistical term indicating the central value of a frequency distribution, such that smaller and greater values than this central value occur at an equal rate. For example, given the ...
Inability to perform one or more important daily business duties, or inability to perform the usual daily business duties for the time period usually required for the performance of such ...
Insurance policy for which the required premium has been paid. ...
All sources of cash flow, usually stated on an annual basis. ...
Of four SEC divisions that regulates the securities markets and the participants within these markets. ...
Assumption that an employer is liable for negligent acts or omissions of employees that result in bodily injury and/or property damage to third parties if those acts are in the course of ...
Health plan that pays a flat fee for each patient it covers. ...
Contract guaranteeing that a person licensed by a city, county, or state agency will perform activities for which the bond was granted, according to the regulations governing the license. ...
Have a question or comment?
We're here to help.