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
Demand without foundation, such as a claim submitted to an insurance company by an insured who caused a loss, or for a loss that never occurred. ...
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