A former boss always said that business-interruption claims were the most difficult type of claims to handle. And he was right about that, at least partly because of the convergence of issues that occur in these hybrid accounting/insurance claims.
First you have to be sure coverage applies, and then you have to figure out how much the insured business owner can collect. Business-income policies require direct damage to or loss of property by a covered cause of loss, a necessary suspension of business operations as a result of that damage, and an actual loss of business income.
If all three of these elements aren't present, there's no coverage, no valid claim, and no recovery. Here we'll review a few of the questions about the first two elements that we received after a recent FC&S web seminar, Business Income Demystified.
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