Waiver Of Inventory Clause

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.

BREAKING DOWN '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.