If the business income coverage
of the property policy replaces that loss of net revenue during the time that you did repair or should have repaired your damaged assets, how does it respond to the loss of revenue due to loss of customers because they sought service during the period of repair and never returned?
First, property or business income coverages
generally require physical damage to scheduled premises.
The gross earnings forms that business income coverage
replaced made that concept clear by using a complex definition of gross earnings that matched the accountant's concept of net income.
This coverage is, however, only available for three weeks or when your business income coverage
ends, whichever is later.
The SPICE for Real Estate meets a variety of industry-specific needs, including business income coverage
up to the following amounts:
Under this scenario, ISO's business income coverage
will only cover you until Sept.
The Spectrum policy provides today's small businesses with essential protections, such as business income coverage
to help keep a company going if a loss shuts down operations and equipment breakdown coverage to pay for damaged equipment.
Increased extended business income coverage
to 60 days
When selecting this optional coverage, it will be necessary to adjust the amount of business income coverage
to reflect this extended period of indemnity.