Insurance 101 – Chapter 4 – Volume 14 – The Records Warranty

The Records Warranty

Many first party property policies, and almost all inland marine policies, contain a records clause or warranty that requires the insured to maintain sufficient records to prove the amount of his or her loss. All records clauses are called “iron safe clauses” because they originally required that the records be locked in a “fireproof iron safe.” The requirement for an iron safe is disappearing because of the ability to store records electronically off site.

The following video was adapted from my book, “Insurance Claims A Comprehensive Guide” Published by the National Underwriter Company and is available at the Zalma Insurance Claims Library

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The author and publisher disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this blog. The information provided is not a substitute for the advice of a competent insurance, legal, or other professional. The Information provided at this site should not be relied on as legal advice. Legal advice cannot be given without full consideration of all relevant information relating to an individual situation.

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