What is the Definition of Ordinance Or Law Coverage?
What is the Definition of Ordinance Or Law Coverage?
Endorsement to a property policy, including homeowners, that pays for the extra expense of rebuilding to comply with ordinances or laws, often building codes, that did not exist when the building was originally built. For example, a building severely damaged in a hurricane may have to be elevated above the flood line when it is rebuilt. This endorsement would cover part of the additional cost.
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 Ordinance Or Law Coverage?
You can find random definition and meaning of insurance terms below:
What is the meaning of Loss of Use
Compensation to a third-party claimant for financial consequences resulting from the inability to use property as the result of accident-related damage.
What is the meaning of Malicious Mischief
Intentional damage of personal property with malice of forethought.
What is the meaning of Material Damage
All property-related damage losses covered by the policy. This includes the following: property damage (PD), comprehensive damage (COMP), collision damage (COLL), Fire/Theft Combined Additional Coverage (FTCA), rental reimbursement (RR), or uninsured motorist property damage (UMPD).
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