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| Word |
Definition |
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| Increased Cost of Construction Insurance |
This is commonly added as an endorsement to homeowners policies. "Increased Cost of Construction Insurance" covers the additional costs of building repair or reconstruction when you rebuild with more expensive services, materials and techniques required by local ordinances. |
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| Increased Hazard |
Property insurance terms are tailored to the nature and use of the property as it exists when the policy is written. Should you introduce dangerous materials or activities into the property, such as making fireworks, you will have added an increased hazard whose liabilities would not be covered by your policy. |
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| Indirect Loss |
This is also known as consequential loss or damage. Indirect Loss results from, but is not caused directly by, a peril. If your business property burned down, for instance, the property itself is a direct loss, while the lost business revenues would be considered an indirect loss. |
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| Inflation Guard Coverage |
Inflation Guard Coverage provides automatic periodic increases on the building's property insurance to reflect the effects of inflation on building replacement expenses. |
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| Inherent Vice |
Inherent Vice is a property flaw or fault which causes its own destruction. Damages from inherent vices are usually not covered through insurance. |
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| Insurance |
Insurance is the act, system, or business of insuring property, life, one's person, etc. against loss or harm arising in specified contingencies such as fire, accident, death, or disablement, in consideration of a payment proportionate to the risk involved. |