Accounts Receivable/Valuable Papers Insurance

General definition

Accounts receivable and valuable papers insurance are coverage forms that can be included in a commercial inland marine insurance policy. You can also obtain this coverage as an endorsement to a business owners policy. Both insure against loss from damage to or destruction of important business records.

Accounts receivable insurance

Accounts receivable insurance covers loss, damage, or destruction of your business's accounts receivable records that results in your inability to collect on your bills to customers. It also covers the cost of re-creating the records and above-normal bill collection expenses caused by the loss you suffer. In addition, it covers interest on any loan you take out to temporarily offset the amounts you are unable to collect as a result of the loss, damage, or destruction of the records. It doesn't cover the physical value of the accounts receivable records, such as the value of tapes, computer disks, or paper.

Valuable papers insurance

Valuable papers insurance or valuable papers and records insurance covers the damage or destruction of business documents such as manuscripts, blueprints, books, films, deeds, mortgages, records, and other printed materials. To be covered, these materials need to be either the property of your business or the property of someone your business controls. This insurance provides for the repair or replacement of these documents or the loss of irreplaceable documents. It doesn't cover money or securities, data processing programs or instructions, or materials that record electronic data, nor does it cover contraband, samples, and property stored in facilities not listed in the policy declarations. 

Notice:

The information published on Continental National Bank website is true and accurate to the best knowledge of the bank at the time of publishing; Continental National Bank cannot be held liable for any actions that are carried out on the basis of that information, and the bank cannot guarantee the accuracy of all the information published. The information and views published on the website are subject to change without notice. Continental National Bank is not responsible for any third party content published on the website. The information published on Continental National Bank website does not in any way constitute advice to customers of any kind; ex. to buy or sell any particular financial instrument, tax advice; and users of the website are solely responsible for any investment decisions and or decisions of any kind, that they may make on the basis of the information published on the website. Continental National Bank cannot be held liable for any damage that may be suffered as a result of the information published on the website or any damage that may be directly or indirectly caused by the use of the website. In addition, Continental National Bank shall not be held liable for any damage arising from an inability to access the website for longer or shorter periods of time. Information offered through INFINEX INVESTMENTS, INC. Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2017.

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