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 ?
The insured has a Commercial Package Policy, which includes ISO form CP 00 30 10 90, Business Income Coverage and Extra Expense, and CP 04 17 07 88, Off- Premises Power Failure Direct Damage.
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?
The definition specifies that the business does not have to be shut down completely in order for business income coverage to be triggered.
The dollar difference between sales income and cost of goods purchased provides funds for operating expenses and profit-the basis of insurable interest under business income coverage.
It may be included on the business income coverage form, or it may be purchased as a separate type of coverage.
This coverage limits business income coverage to the insured's actual losses incurred during the period of restoration.
The current ISO business income coverage forms include a number of auxiliary coverage provisions that are discussed in Chapter 2.
Question: Business Income Coverage Form, CP 00 30, does not contain a deductible clause.
Most cyber/data breach policies can provide business income coverage.
At time of covered loss, ABC needs business income coverage for potential rents loss.
Contingent business income coverage generally requires direct physical loss to scheduled "dependent property," usually the suppliers' or customers' premises.
First, business income coverage is a key need for any business, and one of the major bonuses of the BOP.

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