Illinois Business Insurance Utility Interruption Loss of Income


Complete Video Transcript

0:01hi the city from Seiler insurance
0:03loss of income is a key component have any business
0:07church pro and many of us a protected with this coverage options we have to be
0:12careful with is the shutdown of our businesses
0:15from the Lawson talons
0:18first the basics loss of income coverage
0:21businesses are reimbursed for any continuing expenses
0:24like mortgage payments or any rental expenses
0:27equipment lease payments utilities
0:31and payroll you are also then reimbursed for any profit you may have been
0:37and last loss of income normally comes with extra expense coverage
0:41these are expenses that are over and above what you may have had prior to a
0:46this can include the cost to run another location
0:49the extra cost to let customers know your temporarily shut down
0:54and basically any needed expenses to minimize
0:57your loss I think the other
1:02important thing to know about loss of income is that coverage is
1:05only triggered by a cover cause loss which means two things:
1:09lost must result from a cover peril for instance
1:14fire when storm or lightning
1:17and secondly the loss has to happen at
1:20location be covered and this is what brings us
1:24to the purpose of this topic so when review
1:28you have an operating business and a storm rolls in
1:32and lightning hits the building blowing out your power supply your business is
1:36shut down
1:36your business income insurance would respond
1:40providing coverage but what happens when the storm it’s a power supply across
1:45and you lose power the pair of losses okay being
1:48lightning but the damage property was not at the insurer location
1:53your basic business income insurance would not provide coverage
1:56so what’s our option
2:00a utility interruption endorsement like the basic loss of income
2:05form lost my stem from a covered peril like
2:09fire when storm are like but the property damage
2:13can be a location other than the insurer promises
2:16what’s considered a utility
2:21electricity gas
2:25water supply services
2:28and communication supplies which can include your phone service
2:32or internet access salt if your business is susceptible to loss of income
2:39from the shutdown at your utilities consider utility
2:43interruption endorsement T your business in
2:49this is the insider thanks for your time feel free to contact me
2:53with any questions or concerns