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business income coverage

Commercial property insurance covering loss of income suffered by a business when damage to its premises by a covered cause of loss causes a slowdown or suspension of its operations. Coverage applies to loss suffered during the time required to repair or replace the damaged property. It may also be extended to apply to loss suffered after completion of repairs for a specified number of days. There are two Insurance Services Office, Inc. (ISO), business income coverage forms: the business income and extra expense coverage form (CP 00 30) and the business income coverage form without extra expense (CP 00 32). Business income coverage (BIC) is also referred to as business interruption coverage. See also Commercial property coverage forms; Commercial property policy; Dependent properties time element coverage; Extra expense coverage; First-party insurance; Insurance Services Office, Inc.; Property insurance; Time element insurance; Time element loss.

Links for IRMI Online Subscribers Only: CPI II.E, V.M, VI.L; CRM VI.O; PracRisk, Topic F.10


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