Definition and meaning of EC :

EC: See Extended Coverage. (PR)

(Source: InsWeb)

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Definition and meaning of Easement :

Easement: An interest in land owned by another that entitles its holder to specific uses. (PR)

(Source: InsWeb)

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Definition and meaning of HPR :

HPR: See Highly Protected Risk. (PR)

(Source: InsWeb)

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Definition and meaning of Frame :

Frame: A type of construction. A frame building is primarily made with wood frames and joists. (PR)

(Source: InsWeb)

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Definition and meaning of PML :

PML: See Probable Maximum Loss. (PR)

(Source: InsWeb)

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Definition and meaning of Map :

Map: A geographical map is used by a Property Insurance underwriter to locate the area and character of a risk, especially in a large city. Maps may also be used to keep track of the number of insureds in a particular area so that an insurer does not subject itself to a possible catastrophic loss. (PR)

(Source: InsWeb)

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Definition and meaning of Leasehold Interest Insurance :

Leasehold Interest Insurance: A form of Property Insurance that provides protection against the loss of a favorable lease if it should be terminated as a result of damage to the property by a peril covered by the contract. A leasehold value is determined by finding the difference between the rental value of the property at current rates and the rent payable under the terms of the lease. This amount is multiplied times the remaining term of the lease. (PR)

(Source: InsWeb)

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Definition and meaning of Nonconcurrency :

Nonconcurrency: The situation that exists when a number of insurance policies intended to cover the same property against the same hazards are not identical as to the extent of coverage. Nonconcurrency usually results in an insured not being fully covered for a loss. Modern forms have minimized the problem of nonconcurrency. (PR)

(Source: InsWeb)

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Definition and meaning of Extra Expense Insurance :

Extra Expense Insurance: A form that provides reimbursement to the insured for the extra expenses reasonably incurred to continue the operation of a business when the described property has been damaged by a peril covered by the contract. This insurance is normally used by businesses where continuity of operation, regardless of cost, is a necessity as, for example, any business that would permanently lose customers if there were any suspension of operations. The term Additional Living Expense Insurance is defined with regard to extra expenses incurred by individuals, and such coverage is a common feature of homeowner policies. (PR)

(Source: InsWeb)

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Definition and meaning of Time Element Insurance :

Time Element Insurance: Insurance which covers expenses consequent to damage or destruction by an insured peril that continue over a period of time. The amount paid depends on the length of time during which the expenses accumulate. An example would be Business Interruption insurance, which pays for the loss of earnings during the time it takes to repair the property. (PR)

(Source: InsWeb)

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Definition and meaning of Boiler and Machinery Insurance :

Boiler and Machinery Insurance: Insurance against the sudden and accidental breakdown of boilers, machinery, and electrical equipment. Coverage is provided on (1) damage to the equipment, (2) expediting expenses, (3) property damage to the property of others, and (4) supplementary payments; and (5) automatic coverage is provided on additional objects. Coverage can be extended to cover consequential losses and loss from interruption of business. (PR)

(Source: InsWeb)

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Definition and meaning of Additional Living Expense Insurance :

Additional Living Expense Insurance: A contract to reimburse the insured for increased living costs when loss of his property forces him to maintain temporary residence elsewhere. Examples of these types of expenses are the cost for a hotel or motel, the extra cost for restaurant meals, and the cost of using a laundromat. The term Extra Expense Insurance is defined with regard to additional expenses incurred by businesses. See also Loss of Use. (PR)

(Source: InsWeb)

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Definition and meaning of Radioactive Contamination Insurance :

Radioactive Contamination Insurance: Coverage which may be added to a Property policy to cover certain risks where there is neither a nuclear reactor nor nuclear fuel on the premises but which might occasionally be exposed to contamination damage from other material on the insured's premises. Liability losses caused by nuclear reaction and radioactive contamination are excluded from most insurance contracts and are usually covered under policies issued by pools created for this purpose. See also Mutual Atomic Energy Pool. (PR)

(Source: InsWeb)

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Definition and meaning of BI :

BI: See Business Interruption Insurance and Business Income Coverage Form. This is what these letters most often refer to in the property field. (PR)

(Source: InsWeb)

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Definition and meaning of In Kind :

In Kind: An expression relating to the insurer's right in many Property contracts to replace damaged objects with new or equivalent (in kind) material, rather than to pay a cash benefit. (PR)

(Source: InsWeb)

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Definition and meaning of Windstorm :

Windstorm: Wind of sufficient violence to be capable of damaging insured property. Windstorm coverage has traditionally been part of extended coverage (EC), but today it is usually included automatically as part of basic coverages. (PR)

(Source: InsWeb)

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Definition and meaning of Vacant :

Vacant: A term used in Property Insurance to describe a building that has nothing in it. This goes one step beyond the description of unoccupied. The Standard Fire policy prohibits vacancy beyond a specified period of time. Contrast with Unoccupied. (PR)

(Source: InsWeb)

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Definition and meaning of Mortgagor :

Mortgagor: The debtor who receives money and in turn grants a mortgage on his or her property as security for a loan. (PR)

(Source: InsWeb)

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Definition and meaning of Occupancy :

Occupancy: This refers to the type or character of use of the property in question. The type of occupancy has a bearing on its desirability and also effects the rate for the policy. (PR)

(Source: InsWeb)

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Definition and meaning of Unoccupied :

Unoccupied: Refers to property which may be furnished or have furnishings in it but is not occupied or being lived in. The Standard Fire policy prohibits unoccupancy beyond a specified period of time. This term is contrasted with vacant, which means that there is nothing within the building. (PR)

(Source: InsWeb)

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Definition and meaning of If Clauses :

"If" Clauses: Clauses which terminate coverage "if" certain conditions are created or discovered. An example is the concealment or misrepresentation provision which states that if this is discovered, the coverage is void. Contrast with "While" Clauses. (PR)

(Source: InsWeb)

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Definition and meaning of Fireproof :

Fireproof: A term used in describing building construction. It refers to buildings which are of such construction as to be practically undamageable by fire. However, the term is a misnomer, since no building is completely undamageable by fire, and it is gradually being replaced by the words "fire resistive." (PR)

(Source: InsWeb)

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