INSURANCE EXPERT WITNESS / INSURANCE CONSULTANT
Business Interruption / Business Income Insurance
Virtually all industries have acute exposure to Business Interruption ("BI") claims, and coverage must be carefully structured in advance. Business Interruption insurance claims are usually not covered by standard property insurance and must be endorsed or written separately. "BI" is one of the most undersold insurance coverages and certainly much needed by business owners.
How do we pay the bills when the business shuts down after the fire? How long can we continue with no income or greatly reduced revenue? How long will we be "out of business"? Who will pay these Extra Expenses? The answer to these questions is the subject matter of properly designed Business Interruption Insurance.
Many businesses fail to survive a lengthy loss of income because they decline to purchase business interruption insurance. A $20,000 (covered) fire loss can easily result in a $500,000 business interruption insurance claim.
Our experience structuring coverage for manufacturers, retailers, distributors, contractors, importers, and landlords provides us broad technical background for this line of coverage. We can provide you an in depth understanding of technical requirements of Business Interruption Insurance, including:
- Coinsurance calculations and Agreed Value endorsements
- Business Income Worksheet Analysis
- Extended Period of Indemnity
- Dependent Properties / Contingent Business Interruption Insurance
- Extra Expense Insurance
- Off-Premises Utilities Coverage
- Civil Authority Coverage
- Businessowners insurance policies