OccupancyOccupancy is the act of holding possession of property or premises. The term implies the use of the building for the purposes described in the policy,... More is the act of holding possession of property or premisesBuilding including the land immediately surrounding it and belonging to it. More. The termThe period of time from the inception to the termination of an insurance policy or bond. More implies the use of the building for the purposes described in the policyLegally binding contract effecting insurance or certificates thereof, including all clauses, riders, endorsements and renewals. More, and no other. An occupied building has furnishings and/or people in it.