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BUSINESS INTERRUPTION INSURANCES (COVERAGE (Revenue, Rent, Relocation,…
BUSINESS INTERRUPTION INSURANCES
DEFINITION
covers the loss of income faced by the insured that be covered in the policy
Business Interruption(Fire Consequential Loss) cover expenses cost and indirect loss
Ex: revenue,wage,rent,tax and whatever loss due effected toward the subject matter
PURPOSE
Put the insured in the same financial position as it no loss had been occured.
Protect the insured against loss of income
COVERAGE
Revenue
Rent
Relocation
Employee wages
Taxes
UNINSURED PERILS(can be add with addidtional premium)
Utilities
Income that not documented
Losses from partial closures
Losses from closures caused by non-covered damages.
INDEMNITY
Put the insured in the same financial position as it no loss had been occures
Insured-Faces losses / Insurer-Insurances company
Period of indemnity is the length of time for which benefits are payable under an insurance policy
Periods of 6-12/18/24 month