Business building

Term · Insurance and risk management · MLC-T-INS-000027

1. A building in which the named insured is a commercial enterprise primarily carried out to generate income and the coverage is for:
• A building designed as a non-habitational building;
• A mixed-use building in which the total floor area devoted to residential uses is
a. 50% or less of the total floor area within the building if the residential building is a single family property; or
b. 75% or less of the total floor area within the building for all other residential properties; or
• A building designed for use as office or retail space, wholesale space, hospitality space, or for similar uses.

2. A building in which the named insured is a commercial enterprise primarily carried out to generate income and the coverage is for:
1. A building designed as a non-habitational building;
2. A mixed-use building in which the total floor area devoted to residential uses is
a. 50% or less of the total floor area within the building if the residential building is a single family property; or
b. 75% or less of the total floor area within the building for all other residential properties; or
3. A building designed for use as office or retail space, wholesale space, hospitality space, or for similar uses.

Table 1. Record
Identifier	MLC-T-INS-000027
Field	Insurance and risk management
Subject	National Flood Insurance Program
References	FloodSmart Flood Insurance Glossary; FEMA Glossary

Record as JSON

{
  "id": "MLC-T-INS-000027",
  "term": "Business building",
  "field": "Insurance and risk management",
  "term_source": "Business Building",
  "definition": "1. A building in which the named insured is a commercial enterprise primarily carried out to generate income and the coverage is for:\n• A building designed as a non-habitational building;\n• A mixed-use building in which the total floor area devoted to residential uses is\na. 50% or less of the total floor area within the building if the residential building is a single family property; or\nb. 75% or less of the total floor area within the building for all other residential properties; or\n• A building designed for use as office or retail space, wholesale space, hospitality space, or for similar uses.\n\n2. A building in which the named insured is a commercial enterprise primarily carried out to generate income and the coverage is for:\n1. A building designed as a non-habitational building;\n2. A mixed-use building in which the total floor area devoted to residential uses is\na. 50% or less of the total floor area within the building if the residential building is a single family property; or\nb. 75% or less of the total floor area within the building for all other residential properties; or\n3. A building designed for use as office or retail space, wholesale space, hospitality space, or for similar uses.",
  "subject": "National Flood Insurance Program",
  "references": [
    "FloodSmart Flood Insurance Glossary",
    "FEMA Glossary"
  ],
  "url": "https://mlchart.com/terminology/insurance/business-building/"
}

Record 418 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.