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)
 Related articles on Designing Buildings Wiki
- Building Users' Insurance Against Latent Defects.
- Contractors' all-risk insurance.
- Contract works insurance.
- Directors and officers insurance.
- Employer's liability insurance.
- Flood insurance.
- Indemnity to principals.
- Integrated project insurance.
- Latent defects insurance.
- Professional Indemnity Insurance.
- Public liability insurance.
- Residual value insurance.
Featured articles and news
We review a book aiming to unpick the complexities of building physics.
An introduction to the categories, procedures and types of listed buildings.
This Australian robotics firm have developed a bricklaying machine capable of building a house in 3 days.
20bn devices will be online by 2020, generating huge volumes of information. Is society making the most of this rich data?
Built over a period of 632 years, Cologne Cathedral is considered one of the world's finest examples of Gothic architecture.
UandI adds £1.5bn to development pipeline.
Here are 5 things leaders can do to create a truly circular economy.
Find out about the different types of delays on construction projects.
Researchers at Wien university have developed new system to create an inflatable concrete structure.
Take a look at this newly-opened tower in Chicago with a remarkable 20:1 height-to-base ratio.
The principles, practice and formwork of one of the most important components of modern architecture.