Utility Services – Time Element Coverage provides funds for loss of business income caused by the interruption of service to the premises, resulting from a direct physical loss or damage to Utility Services, such as water supply, communications supply, or power supply.
The industry standard for Utility Services – Time Element Coverage typically includes a 72-hour waiting period. In contrast, ICC recognizes that a business income loss for just one night can be devastating in the hospitality industry. Losing power on Valentine’s Day, Saint Patrick’s Day, Halloween, or during a major sporting event could be a big blow to sales for the entire month.
That is why ICC provides a 3-hour disappearing deductible to protect insureds. Frequently, business income losses are caused by overhead transmission lines, which are commonly excluded on many competitor’s policies but are included on ICC’s policy.
In May 2014, an underground electrical fire left downtown South Bend, Indiana without power for Notre Dame’s graduation weekend. Businesses missed out on one of the most profitable weekends of the year. The downtown South Bend outage was just short of the ISO standard waiting period of 72 hours. ICC insureds with this optional coverage recovered all lost business income because of our disappearing deductible.
For more information about adding Utility Services – Time Element Coverage to your ICC policy, contact your agent today. If you’re ready to start protecting your business with the food and beverage insurance experts, use our Find an Agent search and locate an ICC agent in your area.
