provides for lost income resulting from the cessation of business due to a covered direct loss.
A time element coverage which pays for loss of earnings or income when business operations are interrupted, curtailed or suspended due to property loss as a result of an insured cause of loss. Also covered are loss of rents and rental value. Extra expenses incurred to continue operations at another location are included as long as they reduce the total amount of loss.
Pays for loss of profits and certain continuing expenses, if a covered peril interrupts the normal operation of a business.
(See Business Interruption Insurance)
A standard element of commercial property insurance providing coverage against loss of operating income due to fire, explosion, or other insured perils. Generally takes the limited form of business interruption insurance, but can be broadened through the addition of indirect loss, consequential loss, extra expense, and other coverages.
Commercial coverage that reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of physical damage from a covered peril, such as a fire. Business interruption insurance also may cover financial losses that may occur if civil authorities limit access to an area after a disaster and their actions prevent customers from reaching the business premises. Depending on the policy, civil authorities coverage may start after a waiting period and last for two or more weeks.
Provides protection for a business owner against losses resulting from a temporary shutdown of an insured peril. This provides reimbursement for lost profits and necessary continuing expenses. A common exposure that most people have added in Florida, thanks to Hurricane Andrew.