Time element loss

{
  "id": "MLC-T-INS-003334",
  "term": "Time element loss",
  "field": "Insurance and risk management",
  "definition": "A loss measured by how long it takes to resume operations rather than by the physical damage itself, such as lost business income, continuing expenses, and extra expense after property is damaged by a covered peril. Business income and extra expense coverage, rental value, and contingent business interruption are the usual forms. Payment is limited to the period of restoration, the time needed to repair or replace the damaged property.",
  "subject": "Workers Compensation",
  "url": "https://mlchart.com/terminology/insurance/time-element-loss/"
}