Property Insurance

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U&O.

See Use and Occupancy.

Universal Mercantile System.

A process used in some areas to rate Property Insurance risks. It is being replaced rapidly by a new system developed by the Insurance Services Office.

Unoccupied.

Refers to property which may be furnished or have furnishings in it but is not occupied or being lived in. The Standard Fire policy prohibits unoccupancy beyond a specified period of time. This term is contrasted with vacant, which means that there is nothing within the building.

Use and Occupancy Insurance (U&O).

A term that was once used to refer to the coverages later known as Business Interruption Insurance, and now called Business Income Coverage. In this sense it is obsolete. It is, however, still used to refer to such loss of earnings in Boiler and Machinery Insurance. It is also used in some contracts which promise to pay on a valued basis, or fixed amount, for each day the insured is deprived of the use or occupancy of described property because of damage caused by a peril insured against.