What Does Diminution In Value Property Mean?

Free Business Insurance Quote Click Here
What does Diminution In Value Property mean? Read on to discover the definition & meaning of the term Diminution In Value Property - to help you better understand the language used in insurance policies.

Diminution In Value Property

Diminution In Value Property

A measure of the loss of use of property that has not been physically injured but that is less marketable because of the presence in it of a known defect. For example, a building constructed with substandard materials that have not yet shown any physical damage but are certain to do so over time sustains a diminution in value. One purpose of the commercial general liability (CGL) "impaired property" exclusion is to eliminate coverage of diminution-in-value claims.

We hope the you have a better understanding of the meaning of Diminution In Value Property.

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z


Free Business Insurance Quote Click Here