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
Removal of money from an individual life insurance policy or an employee benefit plan. A cash withdrawal from a life insurance policy reduces the death benefit by the amount of the ...
Attributes of a particular employee benefit plan. For example, a general characteristic of group life insurance is that the whole group is underwritten, not individual members. ...
Two basic kinds of policies sold by health insurance companies: medigap insurance (medicare supplementary insurance); and medicare wraparound ...
Types of contracts that insure building contractors for damage to property under construction. The completed value form requires a 100% coinsurance because insurance carried must equal the ...
Form that provides coverage for a business whose inventory has fluctuating values during the year. The amount of insurance coverage is adjusted monthly, quarterly, or annually to reflect ...
Life insurance policy option under which the dividends that have accrued may be applied to mature the policy as endowment insurance. ...
List and description of valuables, to be utilized in the event an insurance claim must be filed. Included should be: a detailed explanation of possessions that are of special value, such as ...
Transportation firm that carries only select customers' goods and is not obligated to carry any particular customer's goods even if that customer is willing to pay. Contrast with common ...
One that provides group health or pension benefits for a multiemployer plan. To lower the cost, small firms band together to take advantage of the economies of large group underwriting. ...
Have a question or comment?
We're here to help.