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Questions often arise with respect to business income coverage, particularly with respect to the waiting period, what constitutes a business income loss, and how the additional coverages apply.
Practically everyone understands an insurance deductible and how it applies. Take for example a commercial property deductible. A building valued at $100,000 burns to the ground. Assuming it was adequately insured to value, with a $500 deductible, the insured would receive a loss payment of $99,500. The $500 deductible is retained by the carrier as the insured’s portion of the loss. What seems to be confusing to many is a loss that involves not just property damage, but also a loss of business income and extra expense.
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