Insurance against loss due to the insured's inability to use property, such as a vehicle or a store; includes additional living expense, business interruption, rent insurance, rental reimbursement, and rental value.
See Additional living expense insurance.
Insurance which compensates the policyholder for the inability to use property destroyed or damaged by an insured peril. For example, if a car is stolen, loss of use insurance will pay or contribute to the cost of hiring a substitute car.
Coverage to compensate an insured for the loss of use of property if it cannot be used because of a peril covered by the policy. MARKET VALUE - The price for which something would sell, especially the value of certain types of assets, such as stocks and bonds. It is based on what they would sell for under current market conditions. For example, common stock market value would be the price of the stock as of a specified date.
Coverage to compensate an insured for the loss of use of his property if it cannot be used because of a peril covered by the policy. See also Additional Living Expenses.
Compensation when the policyholder has lost the use of his or her vehicle; for example, an automobile rented to replace one that is stolen.
Insurance of loss to an aircraft operator or a motorist consequential upon accidental damage to an insured vehicle, by way of indemnity or fixed benefit.
Compensation for loss caused because the policyholder has lost the use of his property.
Cover against expenses incurred as a result of damage to the property insured resulting in the need to replace the property on a temporary basis. In automobile insurance this might refer to the cost of a rental car while the insured vehicle is under repair as the result of an accident. In a homeowner's policy it might refer to additional living expense when the insured premises are rendered uninhabitable by an insured peril.