Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 341 - RULES GOVERNING STANDARDS FOR THE CONTENT OF DWELLING PROPERTY INSURANCE POLICIES › Section 14VAC5-341-30 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms when used in this chapter shall
				  have the following meanings unless the context clearly indicates
				  otherwise:
"Actual cash value" means the amount equal to the replacement
				  cost minus depreciation of damaged or stolen property at the time of the
				  loss.
"Aircraft" means a machine or device capable of atmospheric
				  flight, including hobby or model aircraft, drones, self-propelled missiles, and
				  spacecraft.
"Business" means a trade, profession, or occupation whether
				  full-time, part-time, or occasional activity, including (i) farming, (ii) the
				  rental of the whole or a part of the residence premises by an insured, (iii)
				  the business use of part of the residence premises, or (iv)
				  home-sharing.
"Business" shall not include:
1.  The occasional rental of the whole or a part of the
				  residence premises for dwelling purposes;
2.  The rental or holding for rental of a part of the
				  residence premises for no more than two roomers or boarders for use as a
				  primary residence;
3.  The rental of a part of the residence premises as a
				  private garage;
4.  The rental of a part of the residence premises as an
				  office, school, or studio; or
5.  The insured's use of the residence premises for remote
				  work under an agreement with the insured's employer.
"Commission" means the State Corporation Commission.
"Condominium unit" means a dwelling as defined in §
				  55.1-1900 of the Code of Virginia.
"Dwelling" means any residential structure specifically named
				  in the policy.
"Farms" or "farming" means the use of land and buildings
				  primarily for agricultural purposes with the objective of raising animals to
				  produce food for sale or distribution to the public and growing crops for sale
				  or distribution to the public.
"Fixtures" means permanently installed components of the
				  dwelling or other structures including wells; plumbing systems; pumps; air
				  conditioning equipment, systems, and parts; heating equipment, systems, and
				  parts; hot water heaters; lighting systems; or built-in appliances and other
				  components where removal would deface or damage the dwelling.
"Functional replacement cost" means the cost to repair or
				  replace the damaged dwelling or other structures with less costly common
				  construction materials and methods that are functionally equivalent to
				  materials and methods used in the original construction.
"Home-sharing" means rental of the whole or a part of the
				  residence premises for lodging purposes through an online-enabled application,
				  website, or digital network during the policy term (i) for more than seven
				  consecutive or random days or (ii) that generates revenue of more than $2,500.
				  An individual occupying the residence premises through home-sharing is not a
				  roomer, boarder, tenant, or guest.
"Hovercraft" means a self-propelled air cushioned vehicle
				  that can travel over land and water.
"Insured" means
(i)  any person named as an insured in the
				  policy, (ii) if residents of the named insured's household, the named insured's
				  spouse if not a named insured, and relatives of either, and (iii) other persons
				  younger than 21 years of age in the care of an insured.
"Motor vehicle" means a vehicle that is self-propelled or
				  designed for self-propulsion and is designed or licensed for use on public
				  roads.
"Occasional rental" means rental of the whole or a part of
				  the residence premises for lodging purposes during a policy term (i) for seven
				  or fewer consecutive or random days or (ii) that generates revenue of up to
				  $2,500. Occasional rental does not include home-sharing as defined in this
				  section.
"Pollutant" means solid, liquid, gaseous, thermal, or
				  radioactive irritants or contaminants, including acids, alkalis, chemicals,
				  fumes, vapors, and waste.
"Recreational motor vehicle" means a motor vehicle designed
				  for recreational use off public roads and not subject to motor vehicle
				  registration.
"Replacement cost" means the cost to repair or replace the
				  damaged or stolen property with material of like kind and quality without
				  deduction for depreciation.
"Residence employee" means an employee of an insured who
				  provides maintenance or domestic services for the residence premises.
"Residence premises" means the dwelling, other structures,
				  and grounds at the location named in the policy.
"Theft" means an act of stealing or attempt to steal,
				  including loss of property from a known place under circumstances when a
				  probability of theft exists.
"Vacant" means a dwelling (i) that has not been occupied as a
				  residence for more than 30 consecutive days immediately before a loss and (ii)
				  where most of the named insured's personal property has been removed such that
				  the dwelling is not functional as a customary place of residence. A dwelling is
				  not occupied if the dwelling is being used without the permission of an
				  insured. A dwelling under construction or being remodeled, repaired, or
				  renovated is not vacant.
"Vandalism" or "malicious mischief" means the willful and
				  malicious damage to or destruction of the property excluding loss by pilferage,
				  theft, burglary, or larceny.
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.