business interruption insurance

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Related to Business Interruption Policy: Business Interruption Coverage

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 ?
19) the Illinois Appellate Court held that a business interruption policy required that the compensation paid to the insured for damaged inventory under its property damage coverage had to be deducted from the amount of actual loss sustained as defined by the business interruption endorsement.
Plaintiffs in this case do not allege that they specifically requested higher business interruption policy limits and have not proceeded against CHI under this common-law theory of liability.
Because the hourly employees are highly skilled and critical to the plant operations, Adam's insurance group added 60 days of ordinary payroll coverage to the company's property and business interruption policy.
In this case, the risk manager must add the service interruption endorsement to the business interruption policy.
Quoting typical business interruption policy language, the insured is required to reduce the loss from interruption of business by "the extent you can resume your |operations' in whole or in part by using damaged or undamaged property (including merchandise or stock) at the described premises or elsewhere.
There are countless other cases detailing judicial rulings on the minutiae of business interruption policy language after losses from terrorism, hurricanes and other catastrophes.
2004) (law firms business interruption policy containing flood exclusion afforded no coverage for closure of building due to flooding from Tropical Storm Allison).
The business interruption policy is supposed to do for the policyholder what the business would have done, but for the loss.
Why don't you bring a copy of the business interruption policy and come to my office?
He notes that a business interruption policy has exclusions that may also affect the application of coverage under a specified perils policy.

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