What Accounts Receivable In Insurance ?
Life Insurance - What Accounts Receivable In Insurance ? Accounts Receivable – As part of your insurance risk management plan, to the extent feasible, you should keep backup copies of your accounts receivable in a separate location. For some businesses, however, it may be in the nature of the business insurance that accounts receivable records are vulnerable to property loss. If needed, you may extend coverage under your BOP. The accounts receivable extension obligates the insurer to pay amounts due from your customers that you are unable to collect. The limit is up to $10,000 per occurrence for records located on the premises described in the policy "Declarations" or $5,000 for records located elsewhere. Adding Additional Insurance – In many situations, a business is required by contract or law to add coverage to its BOP for other parties who usually have property at risk that is in the care of the insured. Such parties typically include managers or lessors o...