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…
VU Resources
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…
The BAP and Temporary Substitutes
Question: “My customer has a Business Auto Policy (BAP) with Symbol 1 for liability and Symbol 7 for physical damage. One of their autos will be in the shop for…
Do Businesses Need to Buy UM Coverage?
In today’s market, everyone is looking for a way to reduce premiums. One method that is sometimes used is to not carry UM coverage under the BAP. After all, if…
Insuring Commercial Trailers Without Owned Autos
You’re quoting a business with a BOP that has Hired/Nonowned Auto coverage. The business purchases three trailers to take to job sites and trade shows. The trailers will be hauled…
What is Auto “Equipment”? Trailer Tarps, Flyswatters and Fishing Poles
A vehicle was damaged, including the attached permanently-mounted tool box, welder and generator. The adjuster denied the claim stating that the attached equipment was not a part of the original…
More Rental Car Issues
If an employee rents a car on a business trip, is this a Symbol 8 (hired) or Symbol 9 (nonowned) exposure? Under an unendorsed BAP, it depends on who is…
Does the BAP Cover a Detached Snow Plow?
An insured owns and operates a truck with a snow plow. While detached in his yard, the plow was damaged by a tree uprooted in a windstorm. The truck is…
BAP Towing Coverage Without Endorsement?
An auto collision occurred in a remote location. The towing bill of $457 was declined by the adjuster since no towing and labor coverage had been purchased. However, the policy…
