A condition of the subject of insurance that creates or increases the chance of loss, such as structural defects, occupancy or similar conditions.
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A hazard caused by the features of the risk, whether they be structural or operational.
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UK: A hazard that arises from the material, structural or operational features of the risk itself apart from the persons associated with it (moral hazard). In fire insurance, physical hazard concerns construction, heating, security and use of premises. See STANDARD CONSTRUCTION.
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A hazard that arises from the material, structural, or operational features of the risk itself apart from the persons owning or managing it.
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Hazard arising from physical characteristics of animate inanimate objects. These include such things as a broken stair step, trash which has collected, weeds near a building, worn tires on a motor vehicle, the lack of a burglary alarm or inadequate fire protection equipment.
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UK: risk associated with the subject matter of insurance.