Extra Expense Coverage Clause Samples
Extra Expense Coverage is an insurance provision that reimburses the insured for additional costs incurred to continue operations after a covered loss or disruption. This coverage typically applies to expenses such as renting temporary facilities, leasing equipment, or paying overtime wages to minimize business interruption. Its core function is to help businesses maintain operations and reduce the financial impact of a loss, ensuring continuity and minimizing downtime.
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Extra Expense Coverage. Tenant shall further procure and maintain extra expense coverage, with coverage amounts sufficient to, and which shall, reimburse Tenant for all charges and costs incurred arising out of all Perils covered by Tenant’s property insurance including, but not limited to, coverage for prevention of, or denial of use of, or denial of access to, all or part of the Premises, occurring as a result of those Peril(s). Such extra expense coverage insurance shall provide coverage for not less than 12 months’ of charges and costs contemplated in the Lease, and shall be carried in amounts necessary to avoid any co-insurance penalty which could apply. The extra expense insurance coverage shall be issued by the insurer who provides Tenant’s other first party coverage.
Extra Expense Coverage. Borrower's coverage is primary and non-contributory with any insurance or self-insurance carried by U.S. Bank National Association (or any other Lender)
Extra Expense Coverage. The Insurer will indemnify the Insured for the following reasonable and necessary extra costs and expenses incurred by the Insured or any Insured Person resulting solely and directly from an Incident which occurs during the Policy Period:
Extra Expense Coverage. This Coverage Form provides coverage for the necessary “extra expense” incurred by the Insured in order to continue as nearly as practicable the “normal” conduct of the Insured’s business during the “period of restoration” following damage or destruction by the perils insured against, to the property insured on this Policy. Payment under this Additional Agreement shall not be limited by the date of expiration of this Policy.