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
Model state law of the NAIC setting general standards for group life insurance contracts. It specifies which types of organizations can sponsor group life insurance plans and outlines the ...
In a mercantile open-stock burglary insurance policy, the dollar amount of coverage as required by the COINSURANCE clause. This dollar amount is the MAXIMUM PROBABLE LOSS (MPL) of ...
Coverage in the event an employee is kidnapped from an insured business's premises and forced to return to aid a criminal in a theft. ...
Same as term Burglary Insurance: coverage against loss as the result of a burglary. Found as part of the commercial package policy that has generally replaced the special multiperil ...
The term pro rata cancellation comes from the Latin term pro rata, which means in proportion or according to a certain rate. The term pro rata cancellation is used in the insurance business ...
Illness contracted as the result of employment-related exposures and conditions. Coverage for such diseases is found under workers compensation insurance. ...
Form of insurance whereby the buyer (reinsurer) assumes the entire obligation of the cedent company, effected through the transfer of the policies from the cedent to the books of the ...
Coverage when a director or officer of a company commits a negligent act or omission, or misstatement or misleading statement, and a successful libel suit is brought against the company as ...
Certificate of insurance required by law under the auspices of the Interstate Commerce Commission. The endorsement is attached to all inland marine policies issued to interstate motor ...
Have a question or comment?
We're here to help.