Unoccupancy
Definition of "Unoccupancy"
Absence of people for at least 60 consecutive days from a given property. Many property insurance policies suspend coverage after a structure has been unoccupied for 60 consecutive days because the probability of loss increases dramatically from such perils as vandalism and malicious mischief. Premiums for these policies were based on statements of an insured that the structure would be occupied. Unoccupancy results in an increase in hazards within the control of an insured, which gives the insurance company the right to suspend the policy.
Popular Insurance Terms
Same as term Excess of Loss reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the reinsurer pays the amount of the ...
List of the values of specific medical procedures in comparison with other medical procedures. ...
Tax assessed by the states as a payroll tax on employers to pay for unemployment compensation ...
Coverage in the event that, while practicing the profession of druggist, an act or omission is committed resulting in bodily injury, personal injury, and/or property damage to a customer. ...
Report showing sources of income and expenses of an individual. ...
Coverage for fire and explosion, against fire and any damage caused by explosion whether or not fire ensues, and whether or not an explosion occurs on- or off-board; sinking from floating ...
Payments due to an insurance company but not yet paid. ...
Payment under a state-sponsored program for victims of crimes. ...
Provision commonly found in fire insurance contracts. If the insured knows that a hazard is increased, most property contracts permit the insurance company to suspend or terminate coverage. ...
Have a question or comment?
We're here to help.