Our photometric observations of the symbiotic binary Z And during its recent ( 2000 – 2003 ) active phase revealed a minimum in the U,~ { } B and V light curves ( LC ) at the position of the inferior conjunction of its cool component ( the orbital phase \varphi = 0 ) .
This fact and the behaviour of colour indices suggest that the minimum was due to the eclipse of the active hot object by the red giant .
Physically plausible fit of the eclipse profile and a precise analysis of the spectral energy distribution ( SED ) in the ultraviolet continuum suggest a disk-like structure for the hot object during active phases .
The present knowledge of fundamental parameters of the system limits the orbital inclination i to 76 ^ { \circ } -90 ^ { \circ } .
The presence of the Rayleigh attenuated far-UV continuum at \varphi \sim 0 during quiescent phase confirms the very high inclination of the Z And orbit .