Use and occupancy insurance

Bibliographic data

Monograph

Identifikator:: 1833269721

URN:: urn:nbn:de:zbw-retromon-221767

Document type:: Monograph

Title:: Use and occupancy insurance

Place of publication:: New York

Publisher:: The America Fore Group of Insurance Companies

Year of publication:: 1930

Scope:: 20 S

Digitisation:: 2022

Collection:: Economics Books

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USE AND OCCUPANCY INSURANCE when, by so doing, the Use and Occupancy insur- ance loss can be reduced. This means that the expense of moving irito temporary business quarters and the many other extraordinary ex- penses incidental to emergency operations would be met by the Use and Occupancy insurance contract. In some instances, an immediate replacement of machinery or stock would in- volve special costs of production or delivery of such machinery or stock. - Special expenses such as these are met by this form of insurance. Tt should be noted that the insurance company’s liability under this item is limited to an amount not in excess of that to which the loss under the two preceding items may be reduced by the em- ployment of emergency steps necessary to a speedy resumption of business operations. In other words, the insurance company is quite will- ing to assist a Use and Occupancy policyholder to reestablish business operations as soon as possi- ble after a fire, but the insurance company will not spend more in so doing than it would have spent had the insured business remained sus- pended until normal operations could have been resumed. Suspension Due to Destruction of “Stock” It is not always the time required to rebuild, repair or replace the damaged premises which causes the entire period of business suspension. After the damaged premises have been placed in full operating condition, the assured’s inability to procure stock will often cause an additional period of business suspension. In a manufacturing plant, the time required to replace raw stock and restore it to its state of manufacture at the time of the interruption is a factor to be carefully weighed. Likewise, a mercantile establishment might require an additional period to replace a part or all of its stock before it can resume normal operations. The loss of business earnings resulting from this additional period of suspension may be covered under a Use and Occupancy insurance contract. The extent of this additional period depends upon the nature of the busi- ness under consideration and deserves special attention when selecting an appropriate contract of Use and Occu- pancy insurance. The insurance companies have drafted standard Use and Occupancy insurance forms which are designed to cover the earnings of almost any

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