covered peril

Business interruption insurance covers the loss of income, and the expenses incurred, after a covered peril interrupts normal business operations.

In exchange for payment, known as the premium, the insurer pays for damages to the insured which are caused by covered perils under the policy language.

Insuring agreement - describes the covered perils, or risks assumed, or nature of coverage, or makes some reference to the contractual agreement between insurer and insured.

Most insurance policies define this period as starting on the date of the covered peril and the damaged property is physically repaired and returned to operations under the same condition that existed prior to the disaster.