Business, Legal & Accounting Glossary
n. the inability to use an automobile, premises or some equipment due to damage to the vehicle, premises or articles caused by the negligence or other wrongdoing of another. Examples: compensation for each day a car is out of commission during repairs or for the period of non-occupancy while a burned building is restored. A common standard of compensation (payment) is rental value of the automobile or premises, but the period of loss must be “reasonable,” meaning the damages will be limited to a period in which a person would normally and promptly proceed to have the vehicle repaired or arrange reconstruction of the building or premises.
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This glossary post was last updated: 28th April, 2020 | 0 Views.