Business Income Insurance

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Level: Intermediate

Why you need this course:
After completing this course, you'll be able to review the commercial property forms and endorsements that can be used to insure business income and extra expense losses.

Upon successful completion of this course, you should be able to:

  • Describe the following aspects of the business income loss exposure:
    • Measurement of business income losses
    • Effect of business interruption on expenses
    • Property and perils involved in business income losses
  • Given a simple case, calculate the amount of a business income loss.
  • Describe the coverage provided by the insuring agreements, additional coverages, and the coverage extension in the following business income coverage (BIC) forms:
    • Business Income (and Extra Expense) Coverage Form
    • Business Income (Without Extra Expense) Coverage Form
  • Describe the exclusions in the causes of loss forms that apply specifically to business income coverage
  • Describe the loss conditions and coinsurance provision of the BIC.
  • Explain how each of the following optional coverages affects business income coverage:
    • Maximum period of indemnity
    • Business income agreed value
    • Monthly limit of indemnity
    • Extended period of indemnity
  • Describe the Extra Expense Coverage Form and the types of businesses for which it is appropriate.
  • Explain how each of the following endorsements affects business income coverage:
    • Business Income From Dependent Properties
    • Ordinary Payroll Limitation or Exclusion
    • Power, Heat, and Refrigeration Deduction
    • Ordinance or Law—Increased Period of Restoration
  • Explain how business income coverage is rated.
  • Explain whether, and for what amount, the BIC and any applicable optional coverages and endorsements would cover a described loss.

Cost: $20 per Professional Development Hour (PDH). Information on Professional Development Hours (PDH) provided can be found here.

Business Income Insurance Topics Include:

  • The measurement of business income losses, effect of business interruption on expenses, and property and perils involved in business income losses
  • Calculating the amount of a business income loss
  • The Business Income (and Extra Expense) Coverage Form and the Business Income (Without Extra Expense) Coverage Form
  • Exclusions in the causes of loss forms
  • Loss conditions and coinsurance provision of the BIC
  • How maximum period of indemnity, business income agreed value, monthly limit of indemnity, and extended period of indemnity affect business income coverage
  • Extra Expense Coverage Form
  • How specific endorsements affects business income coverage
  • How business income coverage is rated

Phone: (800) 644-2101 (U.S. and Canada)
(610) 644-2100 (Outside the U.S. and Canada)
Fax: (610) 640-9576
Mail: The Institutes
720 Providence Road
Suite 100
Malvern, PA 19355-3433
Customer Success is available Monday through Friday, 8 a.m. to 6 p.m. eastern time.

For retail ordering information, contact Customer Success or shop online. Or take a look at our full catalog.

E-mail: CustomerSuccess@TheInstitutes.org
Phone: (800) 644-2101

Customer Success hours are Monday through Friday, 8:00 a.m. to 6:00 p.m. eastern time.

Interested in corporate multi-user information, volume discounts, or learning management system (LMS) compatibility? Contact the Institutes' Regional Sales Executive in your area.


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