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Business Income Optional Coverages - Archive
Discusses the four optional coverages that modify the basic provisions of the ISO CP 00 30 policy for business income with extra expense and the ISO CP 00 32 policy for business income without extra expense.
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Modifications of Basic Business Income Coverage
Summary: Four optional coverages modify the basic provisions of the Insurance Services Office (ISO) Business Income (and Extra Expense) Coverage Form CP 00 30 06 07 and Business Income (without Extra Expense) Coverage Form CP 00 32 06 07 . Following is a discussion of these optional coverages.
Topics covered: Introduction Maximum period of indemnity Monthly limit of indemnity Business income agreed value Extended period of indemnity
Introduction
Although the business income coverage forms refer to optional coverages, these are actually modifications to the basic provisions of the forms themselves. The coverage selected is activated by appropriate entries on the declarations page. The first three options—maximum period of indemnity, monthly limit of indemnity, and agreed value—are mutually exclusive. Only one of them may be applied to any one item of business income coverage. The fourth option—extended period of indemnity—may be used alone or with options two or three but not option one, maximum period of indemnity.
Maximum Period of Indemnity
Optional coverage one is called maximum period of indemnity. It deletes the coinsurance penalty and substitutes a provision stating that the most the insurer will pay for the total loss of business income and extra expense is the lesser of: the amount of loss sustained during the 120 days immediately following the beginning of the period of restoration or the limit of insurance shown in the declarations.
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