business interruption insurance

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Business Interruption Insurance

An insurance policy that provides coverage in case some event causes a business to relocate or temporarily close. For example, if an office floods and becomes unusable, business interruption insurance will replace the profits the company would have made during the time it is closed and also will cover its operating expenses. It is also called business income coverage.

business interruption insurance

Insurance that provides benefits if business is interrupted while repairs are conducted after an insurable loss.
References in periodicals archive ?
In some cases, lease agreements require lessees to continue paying rent even if the premises become unusable, making business interruption insurance a near necessity to ensure adequate funds.
Those statistics should prompt a business owner to review insurance coverage and realize that business interruption insurance is akin to survival insurance.
Some insurance companies may apply the ordinary payroll limitation or exclusion to their business interruption insurance coverage.
Additionally, the report will go beyond September 11-related claims and will offer important business interruption insurance coverage news related to computer viruses and failures, fire and flood damage, construction failure, policy exclusion, and number of occurrences.
Sometimes the proceeds of business interruption insurance are taxed differently than operating profits.
A business interruption insurance policy is intended to do for the insured what the business itself would have done had no loss occurred--provide income.
Once these needs are met, business owners and risk managers then turn to economic recovery, which includes the challenge of dealing with complex property and business interruption insurance claims.
They lacked the life support that Business Interruption Insurance can provide.
We are providing business interruption insurance for service industries," said Jonathan Thomas, active underwriter for Syndicate 1607 with Creechurch International Underwriters, which underwrites Lloyd's celebrity insurance policies.
One good response is to wonder how anybody could become a risk manager without knowing what contingent business interruption insurance does.
Do you have business interruption insurance to cover recreating lost data in the event of a business catastrophe?
Due to business interruption insurance coverage and the expeditious installation of the leased unit, the Company said it expects no material financial impact to be associated with the event.

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