time element insurance
A property insurance term referring to coverage for loss resulting from the
inability to put damaged property to its normal use. This type of coverage is
called "time element" insurance because the amount of loss depends on how long
it takes to repair or replace the damaged property. The best known types of
time element insurance are business interruption and extra expense coverage.
See also: business income coverage,
commercial property
coverage forms, commercial
property policy, direct damage
coverage, extra expense coverage,
first-party insurance,
property insurance,
time element loss.
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