What does Disaster Area mean? Read on to discover the definition & meaning of the term Disaster Area - to help you better understand the language used in insurance policies.
Geographical area recently affected by a major disaster and officially declared (by a governor, prime minister, president, etc.) as such. The purpose of this declaration is to provide tax relief and other types of public assistance, such as cash compensation and/or soft loans advanced at below market rates (for a specified period) to facilitate the economic rehabilitation of the disaster's victims and recovery of commercial activity in that area.
We hope the you have a better understanding of the meaning of Disaster Area.