Loss of Property Definition | Law Insider (2024)

  • Damage to Property means physical injury to or destruction of tangible property, including the loss of its use. Tangible property includes the cost of recreating or replacing stocks, bonds, deeds, mortgages, bank deposits and similar instruments, but does not include the value represented by such instruments.

  • Loss of Use means the total and irrecoverable loss of function of an arm, hand, foot, leg or thumb and index finger of the same hand provided such loss of function is continuous for 12 consecutive months and such loss of function is thereafter determined on evidence satisfactory to Chubb Life to be permanent.

  • Consequential Loss means loss of profits, anticipated loss of profit or revenue, loss of production, loss of business opportunity, loss of or damage to goodwill or reputation, loss of use or any other similar loss, but excludes:

  • Operating Property means any property owned, leased, or operated by the Party in question or by any of its Subsidiaries or in which such Party or Subsidiary holds a security interest or other interest (including an interest in a fiduciary capacity), and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

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  • Other Properties shall have the meaning set forth in Section 9.1.

  • Property means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

  • Physical Property has the meaning assigned to such term in the definition of “Delivery” above.

  • hazardous properties include radioactive, toxic or explosive properties; “nuclear material” means source material, special nuclear material or byproduct material; “source material”, “special nuclear material”, and “byproduct material” have the meanings given them in the Atomic Energy Act of 1954 or in any law amendatory thereof; “spent fuel” means any fuel element or fuel component, solid or liquid, which has been used or exposed to radiation in a nuclear reactor; “waste” means any waste material (1) containing byproduct material other than the tailings or wastes produced by the extraction or concentration of uranium or thorium from any ore processed primarily for its source material content and (2) resulting from the operation by any person or organization of any nuclear facility included under the first two paragraphs of the definition of nuclear facility; “nuclear facility” means

  • Material Damage and "Materially Damaged" means damage which, in Seller's reasonable estimation, exceeds $200,000.00 to repair or which, in Seller's reasonable estimation, will take longer than ninety (90) days to repair.

  • Environmental Damage means any injury or damage to persons, living organisms or property (including offence to man’s senses) or any pollution or impairment of the environment resulting from the discharge, emission, escape or migration of any substance, energy, noise or vibration;

  • Improved Property means any property upon which there is erected a structure intended for continuous or periodic habitation, occupancy or use by human beings or animals and from which structure Sanitary Sewage and/or Industrial Wastes shall be or may be discharged.

  • Personal Property means any machinery, equipment, tools, vehicles, furniture, leasehold improvements, office equipment, plant, parts and other tangible personal property.

  • Real Property Assets means as to any Person as of any time, the real property assets (including interests in participating mortgages in which such Person’s interest therein is characterized as equity according to GAAP) owned directly or indirectly by such Person at such time.

  • Casualty shall have the meaning set forth in Section 6.2 hereof.

  • Residential property means improved property that:-

  • Severe property damage means substantial physical damage to property, damage to the treatment facilities which would cause them to become inoperable, or substantial and permanent loss of natural resources which can reasonably be expected to occur in the absence of a bypass. Severe property damage does not mean economic loss caused by delays in production.

  • Damage means actual and/or physical damage to tangible property;

  • Developed Property means all Assessor’s Parcels of Taxable Property for which Building Permits were issued on or before May 1 of the prior Fiscal Year, provided that such Assessor's Parcels were created on or before January 1 of the prior Fiscal Year and that each such Assessor's Parcel is associated with a Lot, as determined reasonably by the Board.

  • Existing Property means all property against which ad valorem property taxes were levied by a local unit for its concluding fiscal year, minus all property that is considered losses for purposes of ad valorem property tax levies of the local unit for the ensuing fiscal year.

  • Loss or Damage means any loss or damage to the Vehicle, including that caused by theft of the Vehicle or by adverse weather events, that requires repair or replacement including the loss of use of the Vehicle (demurrage), legal expenses, assessment fees, towing and recovery costs, storage, service charges and any appraisal fees of the Vehicle;

  • Income Property means, in respect of each Sub-Fund, (a) all interest, dividends and other sums deemed by the Trustee, (after consulting the auditors either on a general or case by case basis), to be in the nature of income (including taxation repayments, if any) received or receivable by the Trustee in respect of the Deposited Property of the relevant Sub-Fund (whether in cash or, without limitation, by warrant, cheque, money, credit or otherwise or the proceeds of sale or transfer of any Income Property received in a form other than cash); (b) all interest and other sums received or receivable by the Trustee in respect of (a), (c) or (d) of this definition; (c) all cash payments received or receivable by the Trustee for the account of the relevant Sub-Fund in respect of an Application; and (d) all Cancellation Compensation received by the Trustee for the account of the relevant Sub-Fund; (e) any payments to be received or are receivable by the Trustee under any contractual agreements in the nature of investments for the benefit of the relevant Sub-Fund but excluding (i) the Deposited Property; (ii) any amount for the time being standing to the credit of the distribution account for the account of the relevant Sub-Fund or previously distributed to Unitholders; (iii) gains for the account of the relevant Sub-Fund arising from the realisation of Securities; and (iv) any sums applied towards payment of the fees, costs and expenses payable by the Trust from the Income Property of the relevant Sub-Fund;

  • Leased Personal Property shall have the meaning given such term in Section 2.1(e).

  • Covered Property is the address stated on your Agreement Coverage Summary Page. • “Domestic-grade” Items are those that were designated by the manufacturer, manufactured and marketed solely for installation and use in a residential single family dwelling.

  • Properties as defined in Section 4.17(a).

  • Rental Property means a hotel room, vacation home, or other rental property You booked for Your stay during Your Trip.

  • Loss of Property Definition | Law Insider (2024)

    FAQs

    Loss of Property Definition | Law Insider? ›

    Loss of Property includes damage to property, loss of profits and loss of use; Loss of Property . ' shall mean the physical loss, damage or destruction of Property anywhere by any means by the Insured and which does not fall within the definition of Dishonest Act.

    What is the meaning of losing property? ›

    Common law defines lost property as personal property that was unintentionally left by its true owner. For example, a wallet that falls out of someone's pocket is lost. At common law, a person who found lost personal property could keep it until and unless the original owner comes forward.

    What are losses in law insider? ›

    Related Definitions

    Losses means any and all losses, costs (including court costs), claims, damages (including fines, penalties, and criminal or civil judgments and settlements), injuries, liabilities and expenses (including attorneys' fees).

    What is loss of lives and property? ›

    The phrase "loss of life and property" is correct and usable in written English. It can be used in contexts where one is referring to the consequences of a natural disaster, accident, or violent event. For example, "The tornado caused a great loss of life and property in the small town.".

    What is the meaning of lost belongings? ›

    1. personal belongings that have been lost or accidentally left in public places such as trains or schools.

    What is the definition of loss of property? ›

    Loss of Property includes damage to property, loss of profits and loss of use; Loss of Property . ' shall mean the physical loss, damage or destruction of Property anywhere by any means by the Insured and which does not fall within the definition of Dishonest Act.

    Which of the following is the correct definition of lost property? ›

    Lost property consists of things that people have lost or accidentally left in a public place, for example, on a train or in a school.

    What is property loss claim? ›

    Property loss claims arise out of a cause of loss, i.e. burst water pipe, theft, graffiti, falling tree branch, fire, etc. This section explains steps that should be taken to deal with loss or damage to covered property and how to file a claim with the UC Property Insurance Program to pay for loss or damage.

    Is it loss of lives or loss of life? ›

    It means "one death or more". The death of one person is a loss of life. "Lives" is a plural noun. "Loss of lives" means "more than one death".

    What is the meaning of loss of lives? ›

    Loss of Life means death, including clinical death, as determined by the local governing medical authority where such death occurs within 365 days after an Accident.

    What is the legal definition of lost? ›

    An article is “lost” when the owner has lost the possession or custody of it, in- voluntarily and by any means, but more particularly by accident or his own negligence or forgetfulness, and when he is ignorant of its whereabouts or cannot recover it by an ordinarily diligent search.

    What is the meaning of loss of possession? ›

    'Loss of possession' in law refers to the relinquishment of control or physical custody of an entity, either voluntarily or involuntarily.

    What is it called when you lose possession? ›

    A fumble in gridiron football occurs when a player who has possession and control of the ball loses it before being downed (tackled), scoring, or going out of bounds. By rule, it is any act other than passing, kicking, punting, or successful handing that results in loss of ball possession by a player.

    What is the meaning of missing property? ›

    Missing Property means property that has been reported missing as the result of an audit or inventory reconciliation and is frequently associated with items in storage.

    Does property ever lose value? ›

    Home values tend to rise over time, but recessions and other disasters can lead to lower prices.

    How do you use lost property in a sentence? ›

    Examples of lost property

    It is my idea that he doesn't even care whether he secures the lost property or not. She stooped on hands and knees and foraged under the beds, announcing by a jubilant screech that she had discovered the lost property. Not a word was said as her lost property was returned.

    What do you call it when you lose your house? ›

    Foreclosure is when the bank or mortgage lender takes possession of property that is in default, often against the homeowner's will. Your mortgage agreement states that if you stop making payments on your loan, the bank can reclaim the property through foreclosure.

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