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extra expense coverage

Commercial property insurance that pays for additional costs in excess of normal operating expenses that an organization incurs to continue operations while its property is being repaired or replaced after having been damaged by a covered cause of loss. Extra expense coverage can be purchased in addition to or instead of business income coverage, depending on the needs of the organization. There are two Insurance Services Office, Inc. (ISO), commercial property forms that provide extra expense coverage: the business income and extra expense coverage form (CP 00 30) and the extra expense coverage form (CP 00 50). See also Business income coverage; Commercial property coverage forms; Commercial property policy; Dependent properties time element coverage; First-party insurance; Insurance Services Office, Inc.; Property insurance; Time element insurance.

Links for IRMI Online Subscribers Only: CPI II.E; CRM VI.O; CRT XIV.P; PracRisk, Topic F.10


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