A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

I

ICBO
International Conference of Building Officials. See International Code Council.

ICC
See International Code Council.

ICBO
International Conference of Building Officials. See International Code Council.

ICC
See International Code Council.

IICRC
See Institute of Inspection Cleaning and Restoration Certification.

IMPROVEMENTS
See Betterment.

INCIDENTAL DAMAGES
A loss that arises as a result of direct damage to property. See also Consequential Damages.

INDEMNIFY
To compensate an entity, person, or insured for incurred injury, loss, or damage.

INDEPENDENT ADJUSTER
An individual who valuates insurance losses on a contract basis for one of the parties to the claim.

INDIRECT COST
A cost that cannot be meaningfully traced to a specific product or production process; normally allocated to overhead.

INDIRECT DAMAGE
Loss resulting from direct damage to property, e.g., income and expense loss resulting from inability to use damaged property.

INDUSTRY STANDARD
An acknowledged measure of rules, regulations, and generally accepted practices.

INSTITUTE OF INSPECTN, CLNG AND REST CERTIFICATION
A standard-setting body and certification registry that develops and monitors educational programs and standards for the inspection, cleaning and disaster restoration industries.Abbr. IICRC.

INSURED
The person(s) protected under an insurance contract.

INTERNATIONAL CODE COUNCIL
A nonprofit membership association serving the interests of code enforcement officials representing state and local governments that develops the codes used to construct residential and commercial buildings. Formed by the consolidation of CABO, BOCA, ICBO, and SBCCI. Abbr. ICC.

INTERNATIONAL CONFERENCE OF BUILDING OFFICIALS
See International Code Council. Abbr. ICBO.

L

LATENT DAMAGES
Present or potential damage not evident or active.

LEASEHOLD IMPROVEMENTS
Betterment performed by a tenant.

LIABILITY
The obligation to pay a monetary award for injury or damage caused by one's negligent or statutorily prohibited action.

LIEN
A legal claim against the property of another, usually created by having performed work on or advanced funds in connection with the property. See also Mechanics Lien.

LIEN RELEASE
A document that relinquishes a legal claim against the property of another.

LIEN WAIVER
See Waiver of Lien.

LIKE KIND AND QUALITY
A substitution of materials or methods that are equivalent to or better in type, function, and value. See Approved Equal.

LINE ITEM
A description in the scope of work stating an action or an item which may include unit cost and/or price.

LOSS
A reduction in the quality or value of a property or a legal liability.

LOSS OF USE
A provision in homeowners and renters insurance policies that reimburses policyholders for any extra living expenses due to having to live elsewhere while their home is being restored following a covered peril.

LOSS PAYEE
The party to whom payment will be issued as the result of an insurance loss.

LOSS-MITIGATION
See Mitigation.

LOSS-OF-INCOME INSURANCE
See Business Interruption Insurance.