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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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Waiver of Inventory


Synonyms:disclaimer of inventory, relinquishment of inventory, waiver of goods
Filed Under: insurance, legal-contracts
Tags: contract, insurance, legal
 

Definition of waiver of inventory

waiver of inventory
1. 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.

Related Terms and Acronyms:

  • inventory   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   A clause in an insurance contract that states how much an insurer is willing to pay for an asset after an insured event.
  • waiver   The intentional and voluntary renunciation, abandonment, or surrender of some claim, right, or privilege.

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