I would like to know the relationship of Business Income and Time Element?
Total Comments: 2
Posted: Sat Jan 29, 2011 01:18 am Post Subject:
you may want to ask the question under the business insurance forum to get more responses.
I had to brush up myself as I don't do a lot of business or commercial insurance. Time Element Loss is added to a standard Commercial Insurance Policy. The insurance provides for Business Income lost during the period of time the insured is repairing or rebuilding his office that was destroyed during the loss.
For example, a business' sells and repairs computers. The building burns down, the standard property coverage would handle rebuilding, but while the building is being rebuilt, the income stream from sales and service suffers substantially. With Time Element Loss Coverage (Business Income Coverage) added on, the policy can provide a set income for a period of time, either specified in the policy (30, 60, 90 days) or until the business is back up and running.
Did you have a specific question about it or just asking in general what is this type coverage?
Posted: Sat Jan 29, 2011 10:50 am Post Subject:
Well, from the nature of this coverage, it seems that it gets attached as a rider. One should be paying an additional premium amount for this benefit.
Posted: Sat Jan 29, 2011 01:18 am Post Subject:
you may want to ask the question under the business insurance forum to get more responses.
I had to brush up myself as I don't do a lot of business or commercial insurance. Time Element Loss is added to a standard Commercial Insurance Policy. The insurance provides for Business Income lost during the period of time the insured is repairing or rebuilding his office that was destroyed during the loss.
For example, a business' sells and repairs computers. The building burns down, the standard property coverage would handle rebuilding, but while the building is being rebuilt, the income stream from sales and service suffers substantially. With Time Element Loss Coverage (Business Income Coverage) added on, the policy can provide a set income for a period of time, either specified in the policy (30, 60, 90 days) or until the business is back up and running.
Did you have a specific question about it or just asking in general what is this type coverage?
Posted: Sat Jan 29, 2011 10:50 am Post Subject:
Well, from the nature of this coverage, it seems that it gets attached as a rider. One should be paying an additional premium amount for this benefit.
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