Difference In Conditions Insurance
Definition of "Difference in conditions insurance"
Coverage for a physical structure, machinery, inventory, and merchandise within the structure in the event of earthquakes, flood collapses, and subsidence strikes. Even though coverage is on an all risks basis, important perils are excluded such as fire, vandalism, sprinkler leakage, employee dishonesty, boiler and machinery losses, and mysterious disappearance, since it is assumed that the insured business already has coverage for these perils under a business property insurance policy.
Popular Insurance Terms
Element used to adjust losses to reflect the incurred but not reported claim (IBNR) under the retrospective method of rating. ...
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Use of new rate structures by an insurance company without first obtaining approval of a State Insurance Department. ...
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Law in some states that permits an insurance company to deny payment of a claim resulting from an insured loss because of breach of warranty or misrepresentation, provided that the breach ...
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