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Business Interruption (BI) insurance often has been seen by risk managers as a “smoke and mirrors” portion of an insurance contract. Terms such as “necessary suspension of operations,” “period of restoration,” “continuing normal operations incurred,” and “extra expenses” have companies with a business loss looking for their brokers, forensic accountants, or public adjusters to assist them in preparing the documents to quantify the loss.

A variety of ways define the business losses in first-party policies, including the business interruption form. Business interruption occurs when an insured suffers loss or damage to physical property (real or personal) by a covered cause of loss, and a loss of earnings or suspension of operations ensues. For example, a fire damages an insured’s building and equipment, and the business is suspended for six months.

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