Dependent Properties Business Income Form
Definition of "Dependent properties business income form"
Form that provides insurance coverage for the insured in the event the damage or destruction of non-owned property reduces or terminates the insured's earnings. For example, if the insured manufactures plastic airplane kits, and the supplier of the plastic for making the airplanes has a catastrophic fire at its plant, the manufacturer would not be able to continue to produce the kits in the necessary volume. Thus, the manufacturer would be indemnified by the insurance company for its lost earnings.
Popular Insurance Terms
Protection of the property of the business that is damaged or destroyed by perils such as fire, smoke, and vandalism; and/or if the actions (or nonactions) of the business' representatives ...
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Use of new rate structures by an insurance company without first obtaining approval of a State Insurance Department. ...
Entity with exchange or commercial value, such as the book value of property owned by an insurance company as listed on its balance sheet. ...
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