Which of the following best describes a function of 'expendable equipment insurance'?

Expendable equipment insurance primarily focuses on providing coverage for tools and equipment that are frequently replaced or have a shorter useful life. This type of insurance is designed to cover items that may not have a long duration of use or significant depreciation value over time, making it ideal for businesses that rely on tools and equipment that need regular replacement.

The reason 'protection for frequently replaced tools' is the best description is that it aligns directly with the characteristics of expendable equipment. Such items often include small tools and equipment that can be easily damaged or lost, which necessitates a specific type of insurance that acknowledges their transient nature and frequent turnover.

In contrast, coverage for long-term assets, high-value machinery, and insurance against fire damage to property relate to different aspects of commercial property insurance and do not accurately reflect the unique focus of expendable equipment insurance. Long-term assets and high-value machinery typically fall under different categories of property insurance designed for more permanent and significant investments, while fire damage insurance addresses a specific risk rather than the nature of the equipment itself.