unoccupancy

unoccupancy definition - business

unoccupancy

The status of a property that is not being lived in. The limits of insurance applying to unoccupied premises are often reduced if the unoccupancy extends beyond a specified period. For example, an insurance company might agree to one-half the value of a claim for a damaged property that had been unoccupied for over 120 days.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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