Commercial insurance

Commercial insurance

Industry: Insurance

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Commercial insurance

over insurance

Insurance; Commercial insurance

A contract whereby, for specified consideration, one party undertakes to compensate the other for a loss relating to a particular subject as a result of the occurrence of designated hazards.

contrato de seguro: por el contrato de seguro, la empresa se obliga, mediante una prima, a resarcir un daño o a pagar una suma de dinero, al verificarse la eventualidad prevista en el contrato (Art. ...

abandonment clause

Insurance; Commercial insurance

A clause in a property insurance contract that, under certain circumstances, permits the property owner to abandon lost or damaged property and still claim a full settlement amount. If the insured ...

actual cash value

Insurance; Commercial insurance

The fair or reasonable cash price for which a property could be sold in the market in the ordinary course of business, and not at forced sale.

coinsurance

Insurance; Commercial insurance

A provision of an insurance policy that provides that the insurance company and the insured will apportion between them any loss covered by the policy according to a fixed percentage of the value for ...