Optional coverage purchased to compensate for the loss of use of property, if it cannot be used because of a loss covered by the policyLegally binding contract effecting insurance or certificates thereof, including all clauses, riders, endorsements and renewals. More. This is most common in auto insurance. For example, loss of use insuranceOptional coverage purchased to compensate for the loss of use of property, if it cannot be used because of a loss covered by the policy. This is most ... More will have the insurance company pay for the use of a rental car while the insuredThe entity (individual or otherwise) whose risk of financial loss from an insured peril is protected by the insurance policy. More car is being repaired.