Business income coverage (BIC) is commercial property insurance covering loss of income suffered by...
extra expense coverage
Extra expense coverage is 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.
Additional Information
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).
Synonyms
Additional Expense Coverage
Related Terms
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