What does Loss of Income Coverage mean? Read on to discover the definition & meaning of the term Loss of Income Coverage - to help you better understand the language used in insurance policies.
Loss of Income Coverage
A type of business interruption coverage that does not include a coinsurance clause but limits recovery to loss incurred during a specified period (typically 120 days) after the direct damage loss. Approximated by the "maximum period of indemnity coverage option" of the Insurance Services Office, Inc. (ISO), business income coverage forms (CP 00 30 and CP 00 32).
We hope the you have a better understanding of the meaning of Loss of Income Coverage.