INSR 441 Ch. 6 Key Terms

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weese4003
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7978
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INSR 441 Ch. 6 Key Terms
Updated:
2010-02-24 14:24:00
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INSR 441 Ch 6 Key Terms
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INSR 441 Ch. 6 Key Terms
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  1. Equipment Breakdown Insurance
    Insurance that covers loss due to the accidental breakdown of almost any type of equipment that operates under pressure or that controls, transmits, or uses mechanical or electrical power
  2. Expediting expenses coverage
    Coverage for the reasonable extra cost to make temporary repairs in order to speed up permanent repairs or replacement of covered property
  3. Contingent business income and extra expense coverage
    Coverage for business income and extra expense loss due to equipment break down occuring at a location, shown in the declarations, that the insured does not own or operate
  4. Suspension condition
    Condition that allows the insurer to immediately suspend equipment breakdown insurance on an item of equipment that the insurer determines to be in dangerous condition
  5. Joint or Disputed loss agreement
    Condition that adresses claim situations in which the insureds equipment breakdown insurer and the insureds commercial property insurer disagree on which insurer disagree on which insurer covers a loss

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