Mercantile Open-stock Burglary Insurance
Definition of "Mercantile open-stock burglary insurance"
Coverage for damage or destruction of property due to a crime, and property lost due to a burglary, whether successful or attempted. An endorsement provides coverage for robbery and theft of merchandise. Coverage is provided for merchandise, equipment, fixtures, furniture left in the open on the business premises. There is a coinsurance basis of 40 to 80%. This policy has generally been replaced by current commercial crime coverage forms.
Popular Insurance Terms
Present value computation of the accrued or projected benefits of a retirement plan. This computation is known as the actuarial valuation because it is based on probability (retirement ...
Principle of surplus distribution as the result of excess funds above the amount required to establish legal reserves. These excess funds are generated from three sources: mortality ...
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Individual or other entity who owns an insurance policy. Synonymous with policyowner. ...
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Total earned premiums minus total expenses and losses paid of the insurance company. ...
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