Business Income Loss Due to Mall Shooting
The tragic December 2007 shooting of innocent shoppers at an Omaha, Nebraska shopping mall brought two quick questions to the VU “Ask an Expert” service. The entire mall was closed…
Commercial Lines
Business Income Coverage for Unprofitable Businesses
If a business is operating at a loss, do they need business income coverage? The answer is usually “yes,” though they may or may not be able to recover from…
Selling Business Income Insurance
In 2003, Safeco published the results of a survey of small business owners indicating that over half of them do not have business income coverage. Why do so many businesses…
Business Auto Coverage for Nonowned Trailers
Question: “The commercial auto policy automatically includes coverage for a trailer pulled by that vehicle so long as the GVW is under 2,000 lbs. Many insureds have trailers titled in…
Contact with Animal NOT a Collision?
A Business Auto Policy was written with Collision and Specified Causes of Loss coverage. The insured struck a deer and the adjuster denied the claim on the basis that, since…
Is Sales Tax Covered by an Auto Policy?
Your insured’s auto is totaled by a negligent driver. The at-fault party’s insurer has agreed to compensate your insured’s loss of value. However, in purchasing a replacement vehicle, the insurer…
Business Income and Cancellation of Contracts
An entertainment center generates much of its income from the many contracts it has with various groups. If there was a major loss and the groups cancelled their contracts and…
Understanding the Business Income Monthly Limit of Indemnity Option
The ISO Business Income program has a Monthly Limit of Indemnity option that allows the entry of factors of 1/3, 1/4, or 1/6 on the declarations page. Does this mean…
Net Income vs. Continuing Expenses
Business income insurance covers net income and continuing expenses while a business is interrupted due to a covered loss. What if the business would have been operating at a financial…
Business Income and Civil Authority Curfews
An ice and windstorm shut down a 24-hour restaurant due to off-premises power failure. The power was restored fairly quickly but a 6 p.m. to 6 a.m. curfew was imposed…
