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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Work and Materials Clause


Synonyms:tool and machinery coverage, trade tools clause
Filed Under: insurance, legal-contracts
Tags: clause, contract, insurance, legal
 

Definition of work and materials clause

work and materials clause
1. A clause used in some property insurance policies that gives the policyholder the right to store and use certain materials in the insured property as needed by their line of work. Without a work and materials clause, the insured could have their policy voided on grounds of misrepresentation for concealing or failing to disclose a known hazard.

Related Terms and Acronyms:

  • business crime insurance   Insurance that covers losses due to criminal acts perpetrated by customers or employees.
  • business insurance   An umbrella term for insurance that covers various losses that may arise due to the operation of a business.
  • insurable interest   Something of sufficient worth and benefit that an individual or entity would have reason to insure against its lost.

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