Commercial Insurance Series
Business Income Insurance Course
Why you need this course:
Business income and extra expense loss exposures are often overlooked, but they can result in monetary losses exceeding the amount of the physical losses that cause them. Part of the service that insurance professionals provide is educating customers about the different types of insurance available and arranging coverage to meet a customer’s specific exposures. This course examines business income and extra expense losses and the commercial property forms and endorsements that can be used to insure them.
Upon successful completion of all ten modules in 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.
We recommend that you study the modules in the order presented in the course.
Cost: $48 per course (2 Professional Development Hours @ $24 per hour)
Contact Customer Service.