Change In Occupancy Or Use Clause
Definition of "Change in occupancy or use clause"
Condition in which the occupancy or the purposes for which the premises are being used as described in the insurance policy change so as to result in an increased risk. The policy is void unless prior notice is furnished to the insurance company. Once the company receives such notification, the company can either cancel the policy, or apply a surcharge to the premium to reflect this increased risk.
Popular Insurance Terms
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Arrangement between two or more insurance companies under which the parties to the agreement waive their subrogation rights against the other. Most such agreements are no longer in use. ...
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