Business Income and Extra Expense Coverage Clause Samples
The Business Income and Extra Expense Coverage clause provides insurance protection for a business against loss of income and additional expenses incurred due to a covered event that disrupts normal operations. This coverage typically applies when a business is forced to suspend operations because of property damage from events like fire or natural disasters, and it reimburses lost profits as well as necessary extra costs to minimize the suspension's impact, such as renting temporary premises or equipment. Its core function is to help businesses maintain financial stability and recover more quickly after an unexpected interruption, thereby mitigating the risk of prolonged financial hardship.
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Business Income and Extra Expense Coverage. Tenant shall further procure and maintain business income (business interruption) insurance and extra expense coverage with coverage amounts that shall reimburse Tenant for all direct or indirect loss of income and charges and costs incurred arising out of all perils insured against by Tenant's property insurance coverage, including prevention of, or denial of use of or access to, all or part of the Premises or the Building, as a result of those perils. The business income and extra expense coverage shall provide coverage for no less than twelve (12) months of the loss of income, charges, and costs contemplated under the Lease and shall be carried in amounts necessary to avoid any coinsurance penalty that could apply. The business income and extra expense coverage shall be issued by the insurer that issues Tenant's other first party coverage.
Business Income and Extra Expense Coverage. Tenant shall, during the Lease Term, keep in full force and effect, a policy or policies of business income/business interruption insurance and extra expense coverage (collectively, “Business Income Insurance”) with coverage that will reimburse Tenant for all direct and indirect loss of income and changes and costs incurred arising out of all named perils insured against by Tenant’s policies of property insurance, including prevention of, or denial of use of or access to, all or part of the Leased Premises or Building as a result of those named perils. The Business Income Insurance coverage must provide coverage for no less than twelve (12) months of the loss of income, charges and costs contemplated under this Lease.
Business Income and Extra Expense Coverage. Business income and extra expense coverage on ISO form CP 00 30 (or an equivalent business owner's policy) for the direct or indirect loss of Tenant's income and expenses atttibutable to Tenant's inability to use fully or obtain access to the Premises or the Building in an amount, as approved by Landlord, that shall properly reimburse Tenant for a period of one (1) year following the loss of use or access.
Business Income and Extra Expense Coverage. Intentionally deleted
Business Income and Extra Expense Coverage. Business income and extra expense coverage for at least 6 months of Tenant’s income and expenses with a waiver of subrogation in favor of Landlord Parties.