Insurance for the protection of a building owner’s receipts. In the event that a tenant does not pay rent because of perils such as Fire etc. the Insurance Company will pay for such losses.
Insurance Encyclopedia
Rent insurance coverage
A form of business income insurance for a landlord. It protects building owners against loss of income when the building cannot be rented because of damage from any of the insured perils. It provides income while an insured’s building is untenantable.
Rent Loss
The loss of contract rent that occurs when a tenant is excused from paying rent when a building that is damaged or destroyed is rendered untenable. Also the loss of the contract rent the tenant may be required to pay even though he cannot occupy the building.
Rent-a-captive
Specialised form of captive for businesses seeking the benefits of internal funding without incurring the costs of forming their own captive. A rent-a-captive is formed by a group of investors and operated as a business. Insureds wishing to participate ‘rent’ space, i.e. get their own account, in the captive.
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A specialized form of captive insurance company operation designed for businesses that do not want to own a captive but want to obtain some of the advantages offered by captives. A rent-a-captive is formed by a group of investors and operated as an income-producing business. Insureds who wish to participate rent space in the captive instead of setting up and capitalizing their own captive insurance company.
Rental reimbursement coverage
On a personal auto policy, coverage for the insured to rent a vehicle while his vehicle is under repairs or for 30 days after a theft of the vehicle or until the vehicle is found, whichever is first.
Rental value insurance (Property Insurance)
A property insurance form that covers a landlord/owner in the case of loss of rental income due to damage done to the property by an insured peril. This form also covers loss sustained to the rental value of the property.
Rental value insurance coverage
Refers to protection of either a landlord’s rental income or an owner-occupant’s economic stake in use of the subject structure. Either interested party can obtain coverage by way of an Insurance Services Office business income form.
Rental Value Loss
The loss of the cost of equivalent premises if an owner-occupant or a tenant cannot occupy a building that was damaged, destroyed or taken less any contract rent that may be discontinued.
Rental-Value Insurance
Consequential coverage that insures the loss of rents in the event of the destruction of the insured property.
Renter’s insurance
Insurance policy that gives coverage for a dwelling occupied by a renter that gives coverage against explosion, fire, hail, riot/civil commotion, theft, vandalism, volcanic eruption, windstorm, and accidental discharge of steam from a heater.