Work And Materials Clause
Provision in most property insurance policies that permits a policyholder to use the insured premises to store materials and handle them in the manner needed to pursue his or her line of business. Without this clause, a policy may be voided for fraud, concealment, or misrepresentation of an undisclosed increased hazard. The clause provides a defense for a policyholder against a charge of increasing the hazard of a workplace if the materials in question are necessary to the business.
Popular Insurance Terms
Coverage against foreign country expropriation underwritten by the overseas private investment corporation (OPIC) for U.S.-owned companies investing in given developing countries. ...
Designation of a policy's death benefit or its cash surrender value to a creditor as security for a loan. If the loan is not repaid, the creditor receives the policy proceeds up to the ...
Insurance that follows an insured property. ...
Insurance for accountants covering liability lawsuits arising from their professional activities. For example, an investor bases a buying decision on the balance sheet of a company's annual ...
Monetary value of the reputation of a business. Goodwill is an intangible asset and thus may be difficult to measure. ...
Same as term Canadian Institute of Actuaries: ...
Act providing that stringent regulatory actions may be taken against depository institutions according to their level of capital adequacy: well capitalized; adequately capitalized; under ...
Coverage on data processing equipment, data processing media (such as magnetic tapes, disks), and extra expense involved in returning to usual business conditions. The data processing ...
One of four SEC divisions that administers the procedure through which public companies must disclose all relevant material in order that a potential investor might make an informed ...
Have a question or comment?
We're here to help.