Provision in most Covers an insured’s property against damage, destruction or loss by a covered peril. policies on real property that permits a policyholder to use The entity (individual or otherwise) whose risk of financial loss from an insured peril is protected by the insurance policy. Building including the land immediately surrounding it and belonging to it. for normal purposes related to Occupancy 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.