Commercial property insurance covering loss of income suffered by a business when damage to its premises by a covered cause of loss causes a slowdown or suspension of its operations. Coverage applies to loss suffered during the time required to repair or replace the damaged property. It may also be extended to apply to loss suffered after completion of repairs for a specified number of days. There are two Insurance Services Office, Inc. (ISO), business income coverage forms: the business income and extra expense coverage form (CP 00 30) and the business income coverage form without extra expense (CP 00 32). Business income coverage (BIC) is also referred to as business interruption coverage.
If your offices were destroyed, could your maritime business survive? Could you make up the lost income and still afford to repair the damages and replace the furniture, computers, and office peripherals? Think of how off-course your business trajectories would be. Think of how much income you will have lost in the meantime.We firmly believe with the right Business Income Insurance, you can keep your business up and running – even when everything else is falling down around you. To learn more about Business Income Insurance and how it can be factored into your suite of Marine Program coverage’s, please contact us at your earliest convenience.