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
Entitlement of a pension plan participant (employee) to receive full benefits at normal retirement age, or a reduced benefit upon early retirement, whether or not the participant still ...
Endorsement to a business property floater policy that covers neon signs for all perils, both while they are being moved and once they are in place. Signs that are attached to a building ...
Coverage for a lender who has accepted property on the floor of a merchant as security for a loan. If the merchandise is damaged or destroyed, the lender is indemnified. The policy is on an ...
Loss that is not a direct result of a peril. For example, damage to property of a business firm would be a direct loss, but the loss of business earnings because of a fire on its premises ...
Policyholder's equity share of the life insurance company's assets. The share is based on the policyholder's contribution to assets (the company's gross premiums minus cost of insurance, ...
Highly visible form of marketing communication with the public with these objectives: (1) encourage agents and brokers to sell insurance company products, (2) predispose customers to be ...
Trade association located in New York City, consisting of approximately 200 captive insurance companies. The objective of the association is to further the common interests of its members. ...
Coverage in event of damage or destruction of animals that are being shipped. ...
Reduction in automobile insurance rate for a student with a good academic record. Some statistical studies suggest that good students have fewer automobile accidents. ...
Have a question or comment?
We're here to help.