Commercial Contents Claims Glossary

Valuing each inventoried item under the policy terms, normally at replacement cost value or actual cash value.

Items not visible on a walkthrough — stored stock, tools in drawers, spare parts — and a common source of under-measured claims.

Policy sub-limits capping recovery on particular property classes such as jewelry, firearms and fine art.

The freight term for a shipment arriving over, short, or in damaged condition against the bill.

The item-by-item record of business personal property in a loss, with condition, quantity and valuation research.

A claim whose size, complexity or number of locations puts it beyond routine handling.

A buyer who purchases damaged property for resale, repair or parts recovery.

Replacement cost less depreciation for age, wear and obsolescence.

A requirement that damaged branded goods be destroyed or delabelled rather than resold.

The contents a business owns and uses — machinery, equipment, electronics, furniture, fixtures, stock — insured separately from the building.

Documented disposal of property that must not re-enter the market, with a certificate recording what was destroyed.

Identifying a current product matching the damaged item in type, capacity, features and grade.

What it costs today to replace an item with a new one of like kind and quality, without deduction for depreciation.

Turning damaged but marketable property into a financial return through buyer outreach, competitive bids and documented disposition.

The documented research supporting the price assigned to each inventoried item.