So your business or organization has commercial property insurance! Congratulations, you know you have coverage protection. In relation to Loss of Income, what does your policy do for you?
Loss of Income Insurance Claim Scenario:
Bad weather certainly took its toll on a fire station, located in Toms River, NJ! Due to severe wind damage to the volunteer fire company’s roof, the organization could not operate there bi-weekly bingo games. This resulted in a serious lack of funding for their activities. The coverage that the fire station had in place came to the rescue, paying for the loss of income that was incurred until the roof could be properly repaired and the games could restart.
The Loss of Income Coverage comes in to play when:
- Your operations are interrupted due to a covered loss to your building or buildings and/or contents within
- Loss of income time is increased because of a law or ordinance practice
- It takes a period of up to 24 months to restore income
Educate yourself about insurance. There’s no better way to understand what you need!
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Summary: Sure, you’ve got property insurance, but do you know what it’s all about. This informative piece gives you concise and clear details about the importance of loss of income coverage.