Use And Occupancy Insurance

Definition of "Use and occupancy insurance"

Type of business interruption insurance that provides indirect loss coverage by endorsement to boiler and machinery insurance. The latter, sometimes called power plant insurance, provides for both direct and indirect loss coverage. Direct loss would indemnify an insured for damage to property. Use and occupancy insurance covers an insured for loss of use of the equipment due to damage from a named peril.

Search Real Estate Glossary

Related Real Estate Glossary terms

Marketable Title

Title leaving no question as to who the owner is. It is the title which a reasonable buyer, knowledg ...

Industrial Zoning

Category of property zoning that designates property to be used for industrial purposes. Industrial ...

Aggregate Indemnity

Total limit of coverage under all policies applicable to the covered loss for which an insured can b ...

Indemnity Disability Income Policy

Policy used to provide the funds necessary for buy-and-sell agreements whereby an income payment or ...

Bargain Sale

Charitable planning strategy in which a donor sells an asset to the charity for an amount less than ...

Disease

Illness or sickness such as cancer, poliomyelitis, leukemia, diphtheria, smallpox, scarlet fever, te ...

Related Real Estate FAQ

What Is A Term?

A term is the length of a loan. ...

What Is A REALTOR®?

A REALTOR® is an agent or agency that belongs to the local or state board of REALTORS® and is affi ...

What Is Freddie Mac?

Freddie Mac is a name for the Federal Home Loan Mortgage Corp., which is a financial corporation cha ...

What Is An Appreciation?

Changes in the market conditions, or improvements to the property that increase the value of the pro ...

What Is A Mortgage Banker?

A mortgage banker is a company that originates mortgages and sells them to a secondary market. ...

What Is An Easement?

An easement is the right given by the landowner to use the property. ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

What Must I Disclose When Selling My Home? Getting Ready to Sell? Don't make these DIY Mistakes! What is Escrow and how does it Work? Home Prices - The Extra Costs How To Choose A Realtor

FAQ

What is an escrow officer? What is an overall debt ratio? What is a title? What is an index? What does preapproved mean?