Certain types of light machinery and electrical equipment may be found to be ‘not working’ although there are no outward signs of damage. It is usual in marine insurance to exclude this type of loss.
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The dollar amount of claims filed for eligible expenses at which point you’ve paid 100 percent of your out-of-pocket and the insurance begins to pay at 100%. Stop-loss is reached when an insured individual has paid the deductible and reached the out-of-pocket maximum amount of co-insurance.