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Spring Journal

Volume 31, Issue 1

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Business income coverage is supposed to protect a business’ net income and operating expenses while its operations are suspended as a result of loss or damage caused by a covered peril. An unexpected interruption of productivity for a period time can be devastating for a business. And because the period of income recovery after a loss is governed by the concept of time, businesses should always have a contingency plan to maintain continuity in the event of a loss and not rely solely on the expectation of recovery from an insurance claim. Time is an illusion humans created so our simple brains could understand that not everything happens at once. Our brains perceive and value time differently - disagreements will always abound over this concept. If insurance contracts do not set forth clear definitions governing this type of time-element coverage, business income claims could be as mysterious as the concept of time itself.

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