What does Secondary Dependent Properties mean? Read on to discover the definition & meaning of the term Secondary Dependent Properties - to help you better understand the language used in insurance policies.
Secondary Dependent Properties
Commercial property insurance term relating to dependent properties business income or extra expense coverage (previously referred to as contingent business income or extra expense coverage). Dependent properties business income or extra expense coverage provides coverage for the insured's income or expense loss resulting from damage by a covered cause to property of another business on which the insured depends, to purchase the insured's good and services, to supply materials or services to the insured, or to attract customers to the insured's business. A secondary dependent location is a facility of yet another business that provides materials or supplies to (or accepts materials and supplies from) a primary dependent location of the insured. Beginning with the 2012 editions, standard dependent property business income and extra expense coverage endorsements include an option to cover loss due to damage from a covered cause of loss to secondary contributing and recipient dependent properties.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
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