Coronavirus: Business Income Losses and a Covered Cause of Loss
How is the actual loss of business income deciphered? Both ISO-promulgated business income policies (CP 00 30 and CP 00 32) provide guidance on how the actual loss of business…
Commercial Lines
Coronavirus ‘Civil Authority’ Coverage May Hinge on Science
Many readers may have heard that the first business income/civil authority lawsuit was filed in New Orleans on March 16, 2020. It’s no surprised it was filed; nor was it…
Coronavirus (COVID-19): Does Business Income Respond?
During this pandemic panic the most common question asked of agents dozens of times every day, “Does my business income policy cover the shutdown mandated or recommended by the government?”…
Business Income – Coverage for Employee Payroll
Is employee payroll covered by the business income policy? One part of the contract seems to state that only the payroll of employees necessary to resume operations is covered. Is…
Business Income Coverage for Auto Damage
For businesses with operations that rely extensively on auto fleets, damage to vehicles can result in significant business income losses. Commercial property forms exclude damage to autos, but do they…
Business Income and Specialty Vehicles
An insured veterinarian generates 50-60% of her income from two specially-equipped mobile vet labs she uses on visits to area farms or clients who have acreage and horses. She has…
Business Income vs. Manufacturer’s Selling Price
An agent asks, “I’m quoting a tank fabrication operation. They manufacture large metal tanks at their facility, transport the tanks to the customer’s location, and install them. The current agent…
Alternatives to Business Income Coinsurance
Non-BOP business income coverage is written on a coinsurance basis; however, some agents are afraid of coinsurance for a couple reason: 1) they don’t know how to develop the proper…
Understanding the Difference Between Insurable and Compensable Business Income
Business income coverage is unique because the factors used in calculating the amount of protection the insured is required to purchase differ from the factors used when calculating the amount…
Business Income Policy Has Two “Loss Periods”
Business Income is the most important property coverage. The problem is, some agents only do half the job when protecting the insured’s income loss exposure. There are two loss periods…
