A commercial building is considered vacant if less than what percentage of the available square footage is occupied for 60 consecutive days?

A commercial building is regarded as vacant if less than 31% of the available square footage is occupied for a period of 60 consecutive days. This definition is particularly important in the context of property insurance, as it can impact the terms of coverage and claims that may arise in the event of loss or damage.

This percentage is established to help insurers assess risk and determine appropriate premiums. If a building is considered vacant, it may face different coverage limitations, as vacant properties are generally seen as having a higher risk of loss due to factors such as vandalism or deterioration.

This definition helps insurance professionals and policyholders alike understand the implications of vacancy on insurance coverage, reinforcing the need for property owners to maintain a certain level of occupancy to ensure they are fully protected under their insurance policies.