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
Program of health care designed for the prevention and/or reduction of illnesses by providing such services as regular physical examinations. This care is in opposition to curative care, ...
Measure of policyholder interest in a variable annuity policy prior to the annuity date. This measure is similar to a unit in a mutual fund. ...
Work-related accident. Occupational accidents that injure employees are the responsibility of the employer and are covered by workers compensation insurance. In recent years, the term ...
Investments restricted to short-term financial instruments issued by state, city, and county governments and agencies. Interest paid by those instruments are not subject to federal income ...
Coverage in which an applicant lot required to take a medical examination, instead answers written questions to ascertain his current physical condition. ...
Report developed by or supplied by a credit agency to an insurer dealing with the financial standing and character of an insurance applicant. These factors are carefully weighted by the ...
Figure in a mortality table derived by dividing the number of people alive at the end of a given year by the number of people alive at the beginning of that same year. ...
Insurance policy under which the value equals the benefits to be paid to the plan participants (employees) at normal retirement age, assuming that (1) their rate of earnings remains the ...
Payment of premiums and benefits as they come due. In pension plans, known as the "pay as you go basis." The plan depends on new employees coming into the work force so that their ...
Have a question or comment?
We're here to help.