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DEFINITION OF BLOCK POLICY
A block policy provides a form of inland
marine insurance. It covers loss to the property of a
merchant, wholesaler, or manufacturer including:
- Property of others in the insured's care, custody, or control
- Property on consignment
- Property sold but not delivered
A block policy will cover loss caused by most perils (including transportation),
subject to certain limitations as specified in the policy exclusions.
Common block policies are jeweler's
block and furrier's block policies.
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