Definitions for "BUSINESS INCOME INSURANCE"
provides for lost income resulting from the cessation of business due to a covered direct loss.
A time element coverage which pays for loss of earnings or income when business operations are interrupted, curtailed or suspended due to property loss as a result of an insured cause of loss. Also covered are loss of rents and rental value. Extra expenses incurred to continue operations at another location are included as long as they reduce the total amount of loss.
Pays for loss of profits and certain continuing expenses, if a covered peril interrupts the normal operation of a business.