Business Interruption Coverage Clause Samples
Business Interruption Coverage is an insurance clause that provides financial protection to a business when its operations are disrupted due to a covered event, such as fire, natural disasters, or other insured perils. This coverage typically reimburses the business for lost income and ongoing expenses, like rent and payroll, during the period when normal operations are suspended. By compensating for these losses, the clause helps businesses maintain financial stability and recover more quickly from unexpected interruptions.
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Business Interruption Coverage. Said policies shall (a) name Landlord and any party holding an interest to which this Lease may be subordinated as additional insureds; (b) be issued by an insurance company with a Best rating of A-X or better and otherwise reasonably acceptable to Landlord and licensed to do business in the state in which the Property is located; (c) provide that said insurance shall not be canceled or materially modified unless thirty (30) days' prior written notice shall have been given to Landlord, (d) provide coverage on an occurrence basis; (e) contain a severability of insured parties provision and a cross liability endorsement; (f) be primary, not contributing with, and not in excess of coverage which Landlord may carry; (g) include a fire endorsement. Said policy or policies or, at ▇▇▇▇▇▇▇▇'s option, Certificate of Insurance on the so-called "▇▇▇▇▇" form 27 evidencing said policies, shall be delivered to Landlord by Tenant upon commencement of the Lease and renewals thereof shall be delivered at least thirty (30) days prior to the expiration of said insurance.
Business Interruption Coverage. (a) Subject to the terms of Section 7.7 below, Landlord shall obtain coverage for the actual loss sustained (including rental value) resulting from the necessary interruption of business caused by direct physical damage to or destruction of real or personal property resulting from an occurrence covered by the insurance described in Section 7.3 above, including one hundred eighty (180) days subsequent to completion of any required repairs or replacements necessary to return the Leased Property to a condition at least as good as the condition prior to the interruption event and sufficient to satisfy the requirements of the Franchise Agreement, any Mortgage and the Operational Standards. The insurance described in this Section 7.4(a) shall name Landlord as named insured party and each mortgagee under any Mortgage as loss payee.
(b) Subject to the terms of Section 7.7 below, Tenant shall obtain coverage for the actual loss of profits sustained resulting from the necessary interruption of business caused by direct physical damage to or destruction of real or personal property resulting from an occurrence covered by the insurance described in Section 7.3 above, including one hundred eighty (180) days subsequent to completion of any required repairs or replacements necessary to return the Leased Property to a condition at least as good as the condition prior to the interruption event and sufficient to satisfy the requirements of the Franchise Agreement and the Operational Standards.
Business Interruption Coverage. 5. Worker’s compensation insurance covering all persons employed in connection with any work done on or about the Leased Premises with respect to which claims for death or bodily injury could be asserted against Landlord, Tenant, or the Leased Premises.
Business Interruption Coverage. The Insurer will indemnify the Insured for Business Interruption Loss incurred during the Period of Indemnity due to:
1. direct physical loss, damage, or destruction to Insured Property;
2. bodily injury and/or death to an Insured Person;
3. Denial of Access to the Covered Location; or
4. a Threat Incident to a Covered Location; solely and directly resulting from an Incident which occurs during the Policy Period.
Business Interruption Coverage. Tenant shall obtain coverage for the actual loss sustained (including rental value) resulting from the necessary interruption of business caused by direct physical damage to or destruction of real or personal property resulting from an occurrence covered by the insurance described in Section 14.2 above, covering at least twelve (12) months period including one hundred eighty (180) days subsequent to completion of any required repairs or replacements necessary to return the Premises to a condition at least as good as the condition prior to the interruption event. Tenant shall supply Landlord with certificates of insurance for all the above-described policy(ies) of insurance and shall name Landlord, Tenant, and the Hotel Operator as insured parties, as their respective interests may appear, on or before the Effective Date and thereafter before the expiration of each such insurance policy. Such certificates shall provide that such insurance may not be terminated, canceled or amended except upon thirty (30) days’ prior written notice to Landlord and Tenant.