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 ?
Netherlands treated these two roof breaches as separate occurrences under the business interruption policy (for a maximum potential of $150,000 in coverage) but, according to Voss, delayed making any payments.
In recognition of this situation, the risk manager must add the extended period of indemnity endorsement to the company's business interruption policy for a specified time period.
It falls outside the period of indemnity covered by the business interruption policy.
The policy included a $75,000 business interruption policy from Peerless Insurance Company, which would cover lost business income caused by damage to the property.
There are countless other cases detailing judicial rulings on the minutiae of business interruption policy language after losses from terrorism, hurricanes and other catastrophes.
The business interruption policy is supposed to do for the policyholder what the business would have done, but for the loss.
2004) (law firms business interruption policy containing flood exclusion afforded no coverage for closure of building due to flooding from Tropical Storm Allison).
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.
Whether it's catastrophic coverage to repair hurricane damage or a business interruption policy to resume operations, organizations have to deal with the financial consequences of a disaster in their recovery plans.
Think your traditional business interruption policy covers your Internet venture?
Because the business interruption policy covers unrealized profit and continuing expenses, proceeds from recovery under the policy contribute to taxable income and are taxed at that rate.

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