Unoccupancy
Definition of "Unoccupancy"
Absence of people for at least 60 consecutive days from a given property. Many property insurance policies suspend coverage after a structure has been unoccupied for 60 consecutive days because the probability of loss increases dramatically from such perils as vandalism and malicious mischief. Premiums for these policies were based on statements of an insured that the structure would be occupied. Unoccupancy results in an increase in hazards within the control of an insured, which gives the insurance company the right to suspend the policy.
Popular Insurance Terms
Additional coverage available on most property insurance policies through the extended coverage endorsement. Windstorms, including hurricanes, cyclones, and high winds, are not among the ...
Ceiling on expense reimbursement allowance, as stated in New York insurance law, that an insurance company licensed in New York State can give its agents. This is one reason why a company ...
In workers compensation insurance policies and several business property and liability policies, review of the payroll of a business firm in order to determine the premium for coverage. ...
Group coverage for members of a fraternal association, usually on a nonprofit basis. ...
Prior to 1988, right to withdraw retirement assets before age 59 1/2 without having to pay a 10% penalty under the following circumstances: medical expenses are incurred. the plan ...
Acts or omissions that result in suits against an individual and/or residents of the individual's household for actual or imagined bodily injury and/or property damage to a third party. ...
Cash carried forward from the previous year, plus gains from operations for the current year, plus any capital gains. ...
Insurance policy under which premiums are past due but the grace period has not expired. ...
Cost of the assets listed on the accounting records of the company. These assets include the following: real estate (to include any adjustments for depreciation), transportation equipment ...
Have a question or comment?
We're here to help.