Use and occupancy insurance

Bibliographic data

Monograph

Identifikator:: 1833269721

URN:: urn:nbn:de:zbw-retromon-221767

Document type:: Monograph

Title:: Use and occupancy insurance

Place of publication:: New York

Publisher:: The America Fore Group of Insurance Companies

Year of publication:: 1930

Scope:: 20 S

Digitisation:: 2022

Collection:: Economics Books

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USE AND OCCUPANCY INSURANCE USE AND OCCUPANCY INSURANCE HEN fire visits a place of business engaged in the WwW production or distribution of commodities, or engaged in selling “Service” (such as Hotels, Theatres, Laundries, and some Public Utilities), pro- duction and sales either diminish or stop entirely. Consequently business earnings either diminish or stop entirely. The straight fire insurance policy takes care of the necessary repairs and replacements as respects the damage to physical property, but it does not pay those standing expenses which must be met whether a business is operating or not. Nor does it provide for the net profits which would have been earned had the fire not interrupted. [ To insure a business against loss of earnings by reason of interruption by fire, Use and Oc- cupancy insurance was designed. It can be main- tained at a moderate premium cost. In its essence, a Use and Occupancy insurance contract operates, during a period of business suspen- sion, to provide the same net earnings that a business would have enjoyed had no interruption occurred. Specifically: How Use and Occupancy Insurance Operates It pays the net profit which a business would have earned. This means that that portion of Net Profit which is prevented from being earned by a suspension of operations is paid under the insurance policy. It pays those business charges and expenses which continue during a period of business suspension. This means that the salaries of officers and other valuable employees, wages of labor, interest on borrowed capital, taxes, and similar business costs which must necessarily continue during a suspension are paid under the insurance policy and not out of the business reserves which usually are needed for other purposes. It also pays any extraordinary expenses necessary to keep a business operating if possible after a fire,

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