 | BUSINESS INCOME INSURANCE, BUSINESS INTERRUPTION INSURANCE:
Insurance Glossary Dictionary IV - BUSINESS INCOME INSURANCE, BUSINESS INTERRUPTION INSURANCE
Definition of BUSINESS INCOME INSURANCE, BUSINESS INTERRUPTION INSURANCE: BUSINESS INCOME INSURANCE (also known as BUSINESS INTERRUPTION INSURANCE): Commercial coverage that reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of physical damage from a covered peril, such as a fire. Business income insurance also may cover financial losses that may occur if civil authorities limit access to an area after a disaster and their actions prevent customers from reaching the business premises. Depending on the policy, civil authorities coverage may start after a waiting period and last for two or more weeks. Also known as business interruption insurance. . . ************************************************************* The meaning of BUSINESS INCOME INSURANCE, BUSINESS INTERRUPTION INSURANCE is an excerpt from Insurance Information Institute: "The mission of the Insurance Information Institute (I.I.I.) is to improve public understanding of insurance -- what it does and how it works. For more than 40 years, the I.I.I. has provided definitive insurance information. Today, the I.I.I. is recognized by the media, governments, regulatory organizations, universities and the public as a primary source of information, analysis and referral concerning insurance. Each year, the I.I.I. works on more than 3,700 news stories, handles more than 6,000 requests for information and answers nearly 50,000 questions from consumers.." See the website here: http://www.iii.org/media . . . Also see: BUSINESS INCOME INSURANCE, BUSINESS INTERRUPTION INSURANCE , Insurance glossary, Insurance dictionary Insurance terms
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