What does Loss Assessment mean? Read on to discover the definition & meaning of the term Loss Assessment - to help you better understand the language used in insurance policies.
A property owner's share of a loss to property owned in common by all members of a property owners association. Homeowners policies and condominium unit owners policies typically provide a small amount of coverage for such assessments, with additional amounts available by endorsement for an additional premium.
We hope the you have a better understanding of the meaning of Loss Assessment.