BUSINESS INTERRUPTION INSURANCE
What is Business Interruption Insurance?
It is a class of insurance which seeks to address the consequential losses that is not covered by the Standard Fire Insurance and Property All Risk Insurance, particularly the loss of business income as result of the physical damage to the insured property due to a covered peril.
Business income refers to the income that would have been earned by the insured if its operations did not cease due to the physical loss or damage to its insured property.
What is Contingent Business Interruption Insurance?
It is a variation of the Business Interruption Insurance. It seeks to cover loss of business of the insured arising from the physical loss or damage to another entity's property such as suppliers.
It is a class of insurance which seeks to address the consequential losses that is not covered by the Standard Fire Insurance and Property All Risk Insurance, particularly the loss of business income as result of the physical damage to the insured property due to a covered peril.
Business income refers to the income that would have been earned by the insured if its operations did not cease due to the physical loss or damage to its insured property.
What is Contingent Business Interruption Insurance?
It is a variation of the Business Interruption Insurance. It seeks to cover loss of business of the insured arising from the physical loss or damage to another entity's property such as suppliers.