T he definition of Loss of Use in everyday words?
August 18, 2007 5:39AM
"Loss of Use" is part of an insurance payment that is intended to reimburse you for the inability to use the insured property temporarily (e.g., a car or a house that needs repairs). It is usually capped and also tied to a comparable price index so you aren't going to get a luxury replacement for a cheesy original that was lost.
It is also not intended to be a replacement value of the entire lost property, but rather a temporary accommodation.