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direct damage coverage

Property insurance that pays the value of property that has been damaged by a covered cause of loss or the cost of its repair or replacement. This is in contrast to time element property insurance, which pays for loss of income or increase in expenses that result from the unavailability of the damaged property while it is being repaired or replaced.

See also: commercial property coverage forms, commercial property policy, difference-in-conditions insurance, direct damage, first-party insurance, property insurance, time element insurance.


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