business interruption insurance

(redirected from Business Income Coverage Form)
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insurance that provides protection for the loss of profits and continuing fixed expenses resulting from a break in commercial activities due to the occurrence of a peril

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References in periodicals archive ?
The insured carried a Business Income Coverage form (Without Extra Expense) with the extended business income option and a Special Causes of Loss form.
This differs from the current ISO business income coverage form, which merely stipulates that the "suspension" of operations that gives rise to the claim be caused "by direct physical loss of or damage to property at premises which are described in the Declarations and for which a Business Income Limit of Insurance is shown in the Declarations.
The "business income coverage form" stated that the insurer would "pay for the actual loss of business income you sustain due to the necessary suspension of your `operations' during the `period of restoration.'" The "period of restoration" was defined as "the period of time that a.
For example, the standard ISO business income coverage form reads:
The insuring agreement in the Business Income Coverage Form CP 00 32 10 12 states, "We will pay for the actual loss of Business Income you sustain due to the necessary 'suspension ofoperations'" and the "period of restoration." The suspension must be caused by direct physical loss of or damage to property at premises described in the Declarations and for which a Business Income Limit of Insurance is shown in the Declarations.
* Business Income Coverage Form (And Extra Expense) CP 00 30
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