What defines a vacancy condition in commercial property insurance?

A vacancy condition in commercial property insurance is characterized by specific metrics related to how much of the property is occupied and how long it has been in that state. The correct answer indicates that a building is considered vacant if it has been closed for 60 days or has less than 31% of its floor space occupied for that same duration.

This definition is crucial in determining the insurance coverage available for a property. If a property is vacant for a prolonged period, the likelihood of loss or damage may increase, and insurers often impose stricter conditions or lower coverage limits. For instance, the time frame of 60 days is significant because many insurance policies recognize that after this period, the risk profile of the property changes.

In contrast, the other options do not align with the standard definitions used in commercial property insurance. While they offer different combinations of time and occupancy levels, they do not meet the criteria set forth in typical policy language regarding vacancy, which is closely associated with the duration of vacancy and a specific threshold of occupied floor space. Thus, the correct option clearly outlines the insurance industry's understanding of vacancy conditions.