Installation Insurance
Definition of "Installation insurance"
Property coverage on a dealer's interest in equipment while it is being installed. Labor and material are protected against such perils as fire, lightning, and windstorm. For example, if an elevator was installed and it was damaged or destroyed before the buyer could take possession, the contractor would lose the cost of labor and materials if there was no installation insurance.
Popular Insurance Terms
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Form of insurance whereby the buyer (reinsurer) assumes the entire obligation of the cedent company, effected through the transfer of the policies from the cedent to the books of the ...
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