Waiver of Inventory
Definition
- A clause used in some insurance policies whereby an insurer waives the need for the policyholder to make an inventory of assets left undamaged after an insured event. The waiver of inventory may be contingent on the degree of loss.
Synonyms
relinquishment of inventory, disclaimer of inventory, waiver of goods
Related Terms and Acronyms
- Inventory — Definition,
- Stock on hand in the form of goods ready for sale. Also includes raw material in the process of being manufactured or completed for sale.
- Valuation Clause — Definition,
- A clause in an insurance contract that states how much an insurer is willing to pay for an asset after an insured event.
- Waiver — Definition,
- The intentional and voluntary renunciation, abandonment, or surrender of some claim, right, or privilege.
