Commercial property (CP) coverage forms are Insurance Services Office, Inc. (ISO), CP insurance...
direct damage coverage
Direct damage coverage is property insurance that pays the value of property, or the cost to repair or replace it, when it has been damaged by a covered cause of loss.
Additional Information
This is in contrast to time element property insurance that pays for loss of income or increase in expenses resulting from the unavailability of the damaged property while it is being repaired or replaced.
Related Terms
A commercial property policy is an insurance policy for businesses and other organizations that...
Difference-in-conditions (DIC) insurance is a policy that provides additional limits of coverage...
Direct damage is physical damage to property, as distinguished from time element loss, such as...
First-party insurance is insurance that applies to the insured's own property or person.
Property insurance is first-party insurance that indemnifies the owner or user of property for its...
Time element insurance is a property insurance term referring to coverage for loss resulting from...
