MLchartDataset catalogue

Business income coverage (BIC)

Term · Insurance and risk management · MLC-T-INS-000645

Insurance that replaces lost net income and covers continuing operating expenses when a business must suspend operations due to a covered property loss. Business income coverage (BIC) is triggered by direct physical damage from a peril like fire or windstorm that forces a shutdown. The period of restoration, during which payments are made, ends when the property is, or reasonably should have been, repaired or rebuilt, not when income returns to pre-loss levels.

Table 1. Record
IdentifierMLC-T-INS-000645
FieldInsurance and risk management
SubjectBusinessowners Policy
AbbreviationBIC
Record as JSON 
{
  "id": "MLC-T-INS-000645",
  "term": "Business income coverage (BIC)",
  "field": "Insurance and risk management",
  "definition": "Insurance that replaces lost net income and covers continuing operating expenses when a business must suspend operations due to a covered property loss. Business income coverage (BIC) is triggered by direct physical damage from a peril like fire or windstorm that forces a shutdown. The period of restoration, during which payments are made, ends when the property is, or reasonably should have been, repaired or rebuilt, not when income returns to pre-loss levels.",
  "abbreviation": "BIC",
  "subject": "Businessowners Policy",
  "url": "https://mlchart.com/terminology/insurance/business-income-coverage-bic/"
}

Record 421 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.