Time Element (time Policy) Coverage
Definition of "Time element (time policy) coverage"
Insurance that covers an indirect loss stemming from a direct loss by a covered peril to income-producing property. A building destroyed by fire represents a direct loss. Lost income resulting from the shutdown of a manufacturing facility housed in the burned building represents an indirect time element loss and would be covered by business interruption insurance, a form of time element insurance.
Popular Insurance Terms
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Addition to a property policy providing coverage for a specified amount. This endorsement is typically used for an unusual or valuable piece of property that does not fit standard ...
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