Change in a person’s ability to perform physical or other activities as compared with his or her condition before the injury after the condition has become stable.
Insurance Encyclopedia
Loss of Profits Policy
This Policy covers the Charterers loss of profits, over the period of charter if the vessel is time chartered or during the voyage charter if vessel is chartered for a voyage following total loss of the vessel.
Loss of Profits Policy for Marine Hull
This Policy covers the charterers’ loss of profits, over the period of charter if the vessel is time chartered or during the voyage charter if the vessel is chartered for a voyage following total loss of the vessel.
Loss of Rent Clause
Add On Peril under Standard Fire and Special Perils Policy : The insurance on rent applies only if any of the insured building(s) or any part thereof is unfit for occupation in consequence of its destruction or damage by the perils insured against and then the amount payable shall not exceed such portion of the sum insured on Rent as the period necessary for reinstatement bears to the term of the Rent insured.
Loss of specie
A change in the nature or character of cargo, vessel or other property (e.g. bicycle crushed by steamroller) so that it is no longer the type of property that was insured. See ACTUAL TOTAL LOSS.
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There is said to be loss of specie when property the subject of insurance is so damaged that it ceases to be a thing of the kind insured, as where a motor cycle is crushed or clothes are burnt to ashes.
Loss of Time Benefits
Benefits paid because the insured is disabled and unable to work.
Loss of use
Inability to use property, e.g. a motor car, during period of repair or replacement. Some insurers provide temporary replacement cars under comprehensive policies. Otherwise the loss, which is consequential, is not covered under material damage insurance and this is often reinforced by a loss of use exclusion. ‘Loss of use’ may be claimed against a negligent third party. Under houshehold policies the cost of alternative accommodation is covered when the property cannot be occupied following insured damage. See LOSS OF USE (AVIATION).
Loss of use (aviation)
An insurance to safeguard an aircraft owner against loss of earning capacity when the aircraft is laid-up for repair following an accident. The benefit is as an amount per day subject to a time excess. Cover operates only when a claim is admitted under the hull policy.
Loss of use coverage
See: Additional living expense coverage.
Loss of Use Insurance
Insurance of loss to an aircraft operator or a motorist consequential upon accidental damage to an insured vehicle, by way of indemnity or fixed benefit.