General Nature
The purpose of the Business Income Coverage Form
What is to replace lost earnings when a business cannot operate due to a covered property loss?
Describe Business Income Interruption
What is coverage to replace the net income while a business is unable to operate?
The 4 Cause of Loss Forms
What is Basic, Broad, Special and Earthquake?
Coinsurance Percentage Required
What is the percentage stated in the Declarations?
Describe Maximum Period of Indemnity
What is the insurance will only pay for losses up to 120 day after damage occurs or up to policy limits? (payment will not exceed amount lost)
Another name for the Business Income Coverage Form?
What is consequential (indirect loss) coverage?
Describe Business Income Extra Expense
What is coverage to pay for additional costs of operating in a temporary location? (no waiting period)
Exclusions to Coverage
What is delay in rebuilding, repairing, or replacing property due to strikers or other persons?
Coverage begins after
What is 72 hours?
Describe Monthly Limit of Indemnity
What is the insurer will only pay a predetermined portion of total coverage every 30 days after the loss? (percentage options are 1/3, 1/4, 1/6 of total coverage)
The 3 benefits in the Business Income Coverage Form?
What is
- Business Income Interruption
- Extra Expense and
- Extended Business Income
Describe Extended Business Income
What is coverage for after business resumes; to pay the difference if the net income of the business is less than before the loss? (up to 30 days)
Earthquake Coverage must
What is be paired with another cause of loss form?
If the insured has a form of Loss of Business Income Optional Coverage
What is the coinsurance requirement may be waived?
Describe Agreed Value
What is coverage that requires the insured to produce financial records to the insurer to support an agreed settlement amount?