business interruption insurance

(redirected from Business Interruption Policy)
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Related to Business Interruption Policy: Business Interruption Coverage
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  • noun

Words related to business interruption insurance

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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Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
References in periodicals archive ?
Expenses which are incurred by the organization to reduce the loss will normally be covered under a business interruption policy.
Additionally, the terminology to define loss calculations in a business interruption policy is often difficult to interpret, so business owners would be wise to involve an accountant in the claim process who is familiar with these policies.
The firm reported an income of USD12m related to claims under its property damage and business interruption insurance policies, including USD6m from the company's business interruption policy and USD5.8m from its property damage policy, net of USD0.2m in property damage expenses in the third quarter.
"If your business premises are shut down due to earthquake damage, you'll need to have earthquake coverage to make a claim under a business interruption policy."
25, 2003), the United States District Court for the Southern District of New York ruled that the period of restoration in a business interruption policy would not extend to the policy's maximum of 12 months and 30 days.
Protection Mutual Insurance Co., (19) the Illinois Appellate Court held that a business interruption policy required that the compensation paid to the insured for damaged inventory under its property damage coverage had to be deducted from the amount of actual loss sustained as defined by the business interruption endorsement.
A business interruption policy, to cover loss of income, is essential, as is protection against claims arising from employees, visitors or patients.
Protection against these hazards can be written into your business interruption policy, but you have to ask for it.
However, it's sometimes possible to add an extra expense clause to the business interruption policy that covers expenses over and above those that reduce or mitigate the loss.
The broker renewed the business interruption policy with the same limits at the new, larger location.
However, using stock throughput insurance in conjunction with a business interruption policy can be a comprehensive, holistic and progressive way of addressing transit risk in today's complex global supply chain.
Because the hourly employees are highly skilled and critical to the plant operations, Adam's insurance group added 60 days of ordinary payroll coverage to the company's property and business interruption policy.
In this case, the risk manager must add the service interruption endorsement to the business interruption policy. Consideration should also be paid to purchasing backup power generation for the plants at greatest risk.
"That happens all the time and has a measurable impact on many businesses around the country but that's not something a business interruption policy can respond to.
Issue: Is there a "suspension of 'operations'" as required by a business interruption policy when there is a partial but not a total interruption of business?
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