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 carried a Business Income Coverage form (Without Extra Expense) with the extended business income option and a Special Causes of Loss form.
The resumption of operations clause on CP 00 32, Business Income Coverage form (Without Extra Expense), reads the same as that on CP 00 30, except that reference to extra expense is deleted.
The current ISO business income coverage forms include a number of auxiliary coverage provisions that are discussed in Chapter 2.
Suppose the insured had been covered by ISO's Business Income Coverage Form (Without Extra Expense) CP 00 32.
ISO provides several standard business income coverage forms, which are reviewed in this chapter to provide a framework for the types of coverage available.

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