Waiver Of Inventory Clause

AAA

DEFINITION of 'Waiver Of Inventory Clause '

A clause in an insurance policy that says that the insurance company will not require the policyholder to provide a written list of the property that was not damaged during an insured event. The waiver of inventory clause will usually only apply to certain types of claims, such as claims for less than a specified amount.

INVESTOPEDIA EXPLAINS 'Waiver Of Inventory Clause '

A waiver of inventory clause can provide a significant benefit for the policyholder since preparing a detailed inventory can be tedious and time consuming. If the items in the inventory are of significant value, the additional time and expense of an appraisal might normally be required to establish a value for those items.

RELATED TERMS
  1. Waiver Of Subrogation

    A special type of endorsement on a property-casualty insurance ...
  2. Waiver Of Notice

    A legal document that waives the right to formal notification. ...
  3. Waiver Of Demand

    An agreement by the party that has endorsed a check or draft ...
  4. Waiver Of Exemption

    A provision in a consumer credit contract or loan agreement that ...
  5. Flood Insurance

    A financial instrument that protects real property owners from ...
  6. Catastrophe Hazard

    The risk of loss from a particularly destructive event, such ...
Related Articles
  1. How An Insurance Company Determines ...
    Home & Auto

    How An Insurance Company Determines ...

  2. 15 Insurance Policies You Don't Need
    Insurance

    15 Insurance Policies You Don't Need

  3. The History Of Insurance In America
    Home & Auto

    The History Of Insurance In America

  4. Cut Taxes By Reporting Property Damage
    Taxes

    Cut Taxes By Reporting Property Damage

comments powered by Disqus
Hot Definitions
  1. Market Segmentation

    A marketing term referring to the aggregating of prospective buyers into groups (segments) that have common needs and will ...
  2. Effective Annual Interest Rate

    An investment's annual rate of interest when compounding occurs more often than once a year. Calculated as the following: ...
  3. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  4. Odious Debt

    Money borrowed by one country from another country and then misappropriated by national rulers. A nation's debt becomes odious ...
  5. Takeover

    A corporate action where an acquiring company makes a bid for an acquiree. If the target company is publicly traded, the ...
  6. Harvest Strategy

    A strategy in which investment in a particular line of business is reduced or eliminated because the revenue brought in by ...
Trading Center