Work And Materials Clause
Provision in most property insurance policies that permits a policyholder to use the insured premises to store materials and handle them in the manner needed to pursue his or her line of business. Without this clause, a policy may be voided for fraud, concealment, or misrepresentation of an undisclosed increased hazard. The clause provides a defense for a policyholder against a charge of increasing the hazard of a workplace if the materials in question are necessary to the business.
Popular Insurance Terms
Legislation that provides support for legal actions against individuals or organizations involved in systematic illegal activities. This act has been applied against insurance organizations ...
Investments made in a variety of securities issued by government agencies. ...
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Nominal interest rate minus the rate of inflation. ...
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