Business Income Coverage Form
Type of commercial property policy that provides coverage for a business' indirect losses resulting from damages to the property of the business. Coverage normally contains a coinsurance requirement. This form has replaced the business interruption insurance policy. Included in this coverage for losses and expenses resulting from the interruption of normal business operations are:
- Business income loss of net business income plus continuing expenses according to one of the following options is: Option 1 loss of business income to include rental value; Option 2 loss of business income to exclude rental value; Option 3 loss of business income derived only from rental value.
- Extra expense additional expense generated because of the direct loss to the property of the business.
- Civil authority loss of business income because a civil authority denies access to the premises of the business due to direct property losses at a location not at the premises of the business.
- Alterations and new buildings loss of business income because of direct property damage to new buildings or structures. Also covered is direct property damage to alterations or additions to existing buildings or structures, machinery, equipment, building materials, or supplies located within 100 feet of the premises of the business resulting in a loss of business income.
- . Extended business income loss of business income beginning at the date the property of the business is returned to operating status and business operations actually start. This period of time is subject to a maximum of 30 days.
Popular Insurance Terms
Affiliate of the national association of life underwriters (NALU) that supports legislators in the interest of the insurance agents. One becomes a member of LUPAC through a monetary ...
Individual receiving medical treatment who is not required to be hospitalized overnight. ...
Association that represents reinsurance companies as well as insurance companies that do not market marine insurance. LIRMA and the institute of London underwriters share the same facility ...
Rules that apply to employee distributions (see rollover and withholding rules for qualified plan distributions: payment paid to employee) and that also apply to distributions to surviving ...
Same as term Blanket Insurance: single policy on the insured's property for (1) two or more different kinds of property in the same location; (2) same kind of property in two or more ...
Act by a company that authorizes an agent to act on its behalf. ...
Four-year institution of higher learning. The degree programs include insurance, risk management, actuarial science, and financial services. ...
One of the major underwriting organizations for insurance company pools insuring commercial aircraft liability exposure. ...
Coverage for damage to a building or its contents due to the weight of these elements. Outdoor property such as patios, swimming pools, and sidewalks are usually excluded. ...
Have a question or comment?
We're here to help.