BUSINESS INCOME LOSS ASSESMENT
*** THE ABOVE OF COURSE TO BE ADJUSTED BY ANY “NET INCOME LOSS AMOUNTS”, IF APPLICABLE.
*** THE ABOVE OF COURSE TO BE ADJUSTED BY ANY “INCOME EARNED” THROUGH THE “PERIOD OF RESTORATION” FROM PARTIAL OPERATIONS.
***TIME ELEMENT SUBJECT TO “PERIOD OF INDEMNITY”, TIME IT TAKES TO REPAIR AND/OR RESTORATE BUILDING AND RESUME BUSINESS OPERATIONS.
In addition we must also perform a Detailed Analysis of any “CONTINUAL NORMAL EXPENSES”, and complete Detailed Reporting on same, as “PROJECTED EXPENSES” to be incurred, to position same for “RECOVERY”. Same is completed through various analytics of the respective business financials, inclusive of respective “Historic Expenses” to support the “PROJECTED CONTINUAL NORMAL EXPENSES”, as well as include Adjustments for the “NON CONTINUAL” and/or “SAVED EXPENSES”, accordingly. The above inclusive of “Payroll”, (if Coverage is applicable).
***TIME ELEMENT SUBJECT TO “PERIOD OF INDEMNITY”, TIME IT TAKES TO REPAIR AND/OR RESTORATE BUILDING AND RESUME BUSINESS OPERATIONS.
The above subject to:
*** Co-Insurance (Value, Subject to Co-Insurance Percentage must be Equal or Greater than Coverage Limit), or “Loss Payment” will be subject to Co-Insurance Penalty, (If Limits are Lower than Value, Less Co-Insurance Percent), better Defined as Under insurance. Our Loss Assessment Experts, will assist our Loss Consultants in Valuing Business income, so as to confirm accurate Valuations, and support our Loss Consultants in Negotiating Valuations.
*** MONTHLY LIMIT OF INDEMNITY (RESTRICTED MONTHLY LIMIT OF INDEMNITY, LIMITED BY FRACTIONAL MONTHLY AMOUNT)
*** MAXIMUM PERIOD OF INDEMNITY (RESTRICTED PERIOD OF INDEMNITY, LIMITED BY DAYS/MONTHS)
EXTENDED PERIOD OF INDEMNITY (EPOI) – LOST INCOME POST RESTORATION, i.e. “Time Element (Loss Coverage) while you RAMP UP OPERATIONS”, either until you Resume Operation to Normal Levels (Had No Loss Occurred), OR Coverage Period is Exhausted, (Standard 30 Days to Restore Income, included in most policies), post the “Period of Restoration”, (Can be Underwritten to include additional “Time Element Coverage Period”). EXTRA EXPENSE Analysis, if Coverage is applicable, is for necessary expenses you incur during the “Period of Restoration” that you would not have incurred, to cover Extra Expenses (other than the expense to repair or replace property) to:
1. Avoid or minimize the “suspension” of business and to continue operations at the described premises or at replacement premises or tempo rary locations, including relocation expenses and costs to equip and operate the replacement location or temporary location.
2. Minimize the “suspension” of business if you cannot continue “operations”, coverage will also extend to repair or replace property, but only to the extent it reduces the amount of loss that would have been payable under Business Income Coverage.