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 This policy has generally been replaced by current commercial crime coverage forms.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
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In a mercantile open-stock burglary insurance policy, the dollar amount of coverage as required by the COINSURANCE clause. This dollar amount is the MAXIMUM PROBABLE LOSS (MPL) of ...
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Contract that gives the insurance company the right, not the obligation, to buy a stipulated stock or bond at a specified price (strike price) at or before the date of expiration of the ...
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