There are occasions when an insured suffers a financial loss because of increased expenses or a reduction in earnings resulting from physical property being damaged by a covered loss. These are considered consequential indirect losses.
Residential
Farm and Commercial
Farm and Commercial are in business to make a profit. As such, Loss of Business Income is an important coverage consideration. Loss of income does not insure “real tangible property,” but it does indemnify the economic hardship suffered to the business after loss to the insured property. Careful review and consideration of the business operations, gross revenue and expenses must be given in order to determine the most appropriate coverage. This could include Rental Income, Extra Expense, or Broad Form coverage.
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