Bi Insurance
What does bi stand for in insurance.
Bi insurance. Physical damage to the insured s property that occurs by reason of a specific event e g. In broad terms there are three key types of bi cover. Contingent business interruption cover. A fire or flood which causes interruption or interference to the insured s business.
Bi insurance cover can apply to instances where the insured business itself is directly impacted by effects from covid 19 for example when the authorities quarantine an area where the business operates and the workforce is unable to work. Business interruption insurance also known as business income insurance is a type of insurance that covers the loss of income that a business suffers after a disaster the income loss covered may be due to disaster related closing of the business facility or due to the rebuilding process after a disaster. We ll update this page with information on what we ve done and are doing. Get the top bi abbreviation related to insurance.
The coronavirus pandemic has led to widespread disruption and business closures resulting in substantial financial loss. Find out how we are seeking legal clarity on business interruption bi insurance during the coronavirus covid 19 crisis.