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Business Interruption Insurance (Business Interruption Coverage…
Business Interruption Insurance
Is a type of insurance that covers the loss of income that a business suffers after a disaster. The income loss covered may be due to disaster-related closing of the business facility or due to the rebuilding process after a disaster
Propose of Business Interruption Insurance
Protect the insured against loss of income
Put the insured in the same financial position as if no loss had occurred
Scope of coverage
To protect the prospective earnings of the insured business
Provides cover for the financial losses due to an interruption to a business caused by a damage to property
Business Interruption Coverage
Relocation
Employee wages
Rent or least Payment
Taxes
Revenue
Can't cover
Income that isn't documented
Losses from partial closures
Utilities
Losses from closures caused by non-covered damages
Imdemnity
A contract by which one party promises to save the other from loss caused to him by the conduct of the promiser himself, or by the conduct of any other person,is called a contract of indemnity
Period of indemnity
The period of indemnity is the length of time for which benefits are payable under an insurance policy