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The document outlines the Business Income (and Extra Expense) Coverage Form for commercial property insurance, detailing the definitions, coverage options, limitations, and conditions related to business income loss due to direct physical damage. It specifies the types of losses covered, including net income and extra expenses incurred during restoration periods, as well as exclusions such as electronic data loss. The document also includes provisions for civil authority actions and additional coverages like interruption of computer operations.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What does additional expense mean?

Additional expense coverage is coverage that provides funds for expenses above what the policyholder was paying before a claim was made.

What is the meaning of period of restoration?

Period of restoration means that period of time that begins with the date of the direct physical loss of or direct physical damage to covered property and ends with the date when such part of the covered property as has been lost or damaged could, with the exercise of your due diligence or dispatch, be rebuilt, or ...

What are the business income coverage forms designed to protect against?

Property coverage can protect a business from physical damage to its property from fire, windstorm, vandalism and other similar events. Sometimes, the covered damage prevents a business from operating. In those situations, the business's revenue may decline or even come to a halt.

Is extra expense the same as business interruption?

Whereas business interruption insurance covers \u201cnormal\u201d expenses after temporary closures\u2013 such as employee wages, leases, and loan payments\u2013 extra expense insurance covers items beyond the routine operating expenses that are crucial to remaining solvent.

What would not be covered under the business income and extra expense coverage form?

a. Coverage for Business Income does not apply when a suspension of operations is caused by destruction or corruption of electronic data, or any loss or damage to electronic data, except as provided under the Additional Coverage ± Interruption Of Computer Operations.

What is the period of restoration in business income?

The \u201cperiod of restoration\u201d is defined, in relevant part, as the period of time that begins 72 hours after the time of direct physical loss or damage for Business Income Coverage, or immediately after the time of direct physical loss or damage for Extra Expense Coverage, caused by or resulting from a Covered Cause of ...

What is period of restoration?

The period of restoration begins when covered damage forces a business to suspend its operations, and it ends when the covered damage is, or reasonably could have been, repaired. Some policies also include Extended Business Income coverage.

What is included in business income and extra expense coverage?

Business Income and Extra Expense insurance (BIEE) provides coverage when your business shuts down temporarily due to a fire or other covered loss. It helps replace your income and covered expenses like rent, payroll and other financial responsibilities while your property is being repaired or replaced.

What is the waiting period that must occur before the period of restoration may start in business income coverage?

Answer: The deductibles section of the policy refers to the monetary deductible amount that the insured agrees to pay in the event of a covered loss. The 24 hours prior to the beginning of the period of restoration for the business income loss is a waiting period during which the coverage does not apply.

Does extra expense have a deductible?

Waiting period and deductible differences The property deductibles section of the policy states that no deductible applies to business income and extra expense coverage.

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