What is the Definition of Mine Subsidence Coverage?

What is the Definition of Mine Subsidence Coverage?

An endorsement to a homeowners insurance policy, available in some states, for losses to a home caused by the land under a house sinking into a mine shaft. Excluded from standard homeowners policies, as are other forms of earth movement.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Mine Subsidence Coverage?

What is the Definition of Mine Subsidence Coverage?

You can find random definition and meaning of insurance terms below:

Meaning of Bank Holding Company in Insurance Terms

A company that owns or controls one or more banks. The Federal Reserve has responsibility for regulating and supervising bank holding company activities, such as approving acquisitions and mergers and inspecting the operations of such companies. This authority applies even though a bank owned by a holding company may be under the primary supervision of the Comptroller of the Currency or the FDIC.

Meaning of Basis Point in Insurance Terms

0.01 percent of the yield of a mortgage, bond or note. The smallest measure used.

Meaning of Beach And Windstorm Plans in Insurance Terms

State-sponsored insurance pools that sell property coverage for the peril of windstorm to people unable to buy it in the voluntary market because of their high exposure to risk. Several states offer these plans to cover residential and commercial properties against hurricanes and other windstorms. (See Fair access to insurance requirements plans/FAIR plans; Residual market)

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