Fallen Building Clause
Definition of "Fallen building clause"
Section in some property insurance contracts that eliminates further coverage for buildings after they have collapsed from causes other than fire or explosion. For example, fire coverage would not be applicable to buildings that collapse because of inherent defects.
Popular Insurance Terms
Amount of life insurance required to purchase burial, probate, medical, and other costs associated with death. ...
Section of the Internal Revenue Code that provides for SIMPLIFIED EMPLOYEE PENSIONS (SEP). ...
Performance of a deed or function. Certain acts are prohibited from coverage in insurance. For example, if the insured commits a felony, the insured's beneficiary cannot collect under the ...
Adjoining. ...
Coverage if an insured can not collect on property damage or destruction losses from the hired transporter. For example, a truck transporting furniture of the insured is involved in an ...
Provision in a life insurance policy that permits the policy owner to name anyone as primary and secondary beneficiaries. The policy owner may change the beneficiaries at any time by simply ...
Property insurance coverage available to businesses that pays the established market (sales) value of products that are damaged rather than simply their lower (production) cost. This fills ...
Requirement of an employer to report annually to the U.S. Treasury Department the names of employees who terminated employment with vested benefits, and the amount of the benefits. The ...
Contract providing whole life insurance on the father and term insurance on the mother and all children, including newborns after reaching a stated age, usually 15 days. Children, upon ...
Have a question or comment?
We're here to help.