Business Interruption


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Business Interruption

An event that causes a business to relocate or temporarily close. For example, an office may flood and becomes unusable, or a natural disaster may make commerce unfeasible in an entire area. A company may purchase business interruption insurance to guard against losses resulting from this.
References in periodicals archive ?
According to the report, clients in growing numbers are expecting their business interruption losses to be covered with their cyber policies, as insurers "more carefully define the boundaries of property, casualty and cyber policies." Marsh said carriers have responded in kind by expanding their cyber coverage to address "a wide variety of risks while still being competitively priced."
Contingent business interruption coverage typically involves three basic categories of losses.
A separate endorsement may be necessary to obtain coverage for losses typically caused by a cryptojacking event such as business interruption loss.
Most business interruption policies will include some "coinsurance" provision which results in the insured organization sharing a portion of the loss if the organization is considered underinsured.
The survey analyzed companies' cyber insurance purchasing behaviors as well, and found that just 10% of respondents identified business interruption as the primary reason for buying cyber insurance.
The Superior Court found that the original umpire's possible impartiality was sufficient to set aside the Business Interruption Award.
"Companies now have a greater understanding of the need to monitor risk aggregations, not just geographically, but also in business interruption exposures."
"Unplanned technology failures are becoming an increasing cause of business interruption," Paxton said.
Many firms and managers may have business interruption insurance.
A CHANGING CLIMATE MEANS WEATHER-RELATED BUSINESS INTERRUPTIONS WILL STEADILY INCREASE, MAKING BUSINESS INTERRUPTION INSURANCE ESSENTIAL FOR EVEN THE SMALLEST BUSINESSES.

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