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Last edited 01 Dec 2014
Business Interruption Insurance
Business interruption cover is often provided as well. This covers the additional expenses incurred by a business following loss or damage. Cover is usually on an 'all risks' basis and can be extended to cover loss of income.
Events that may be covered include:
- Enforced closure of premises due to a notifiable infectious disease at the premises.
- Damage to property in the vicinity of the premises which hinders or prevents access to the premises.
- Damage at a supplier’s premises.
- Accidental failure of telecommunications at the premises lasting at least 24 hours.
- Accidental failure of public supplies of electricity, gas or water lasting at least 30 minutes.
- Damage to documents in transit.
Loss of income is a significant risk where an event has caused major disruption to a business so cover is available for a maximum indemnity period which insures an agreed and justifiable estimate of loss. If, for example, a business is unable to trade for three months due to a major event then loss of income cover reimburses the amount of income agreed as being lost during that three month period.
This article was written by: --Martinc 08:30, 23 July 2014 (BST)
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