What it does
Business income forms respond to damage at the described premises, not to damage to a truck or machine on the road or at a job site. CP 15 06, introduced in the 02 14 edition, covers business income and/or extra expense when operations are suspended because scheduled vehicles or mobile equipment are damaged by a Covered Cause of Loss while away from the described premises.
Key provisions
- The Schedule describes the business activities that depend on the scheduled property.
- Limits can be set two ways. Option A gives a separate off-premises limit for each item. Option B applies one limit to all listed items. The off-premises limits are not additional insurance.
- Collision can be added as a covered cause of loss.
- The extended business income period can be changed from the standard 60 days.
Quoting and selling notes
- Identify the revenue tied to each unit and how long it would take to repair or replace it, since specialty vehicles often have long lead times.
- Physical damage to the vehicle itself is insured under auto or inland marine coverage. This endorsement covers only the income and expense consequences.
