GeoTest Services Inc 9/12/2019 - Laserfiche WebLink

(b) Ends on the earlier of: (i) The date you could restore tenant occupancy,with reasonable speed,to the level which would generate the "Rental Value"that would have existed if no direct physical loss or damage had occurred; or (ii) 30 consecutive days after the date determined in (2)(a) above. However, Extended Business Income does not apply to loss of "Rental Value" incurred as a result of unfavorable business conditions caused by the impact of the Covered Cause of Loss in the area where the described premises are located. Loss of"Rental Value"must be caused by direct physical loss or damage at the described premises caused by or resulting from any Covered Cause of Loss. 3. Limits of Insurance The most we will pay for loss under this Additional Coverage-Business Income Including Extra Expense in any one occurrence is $25,000. Payments under the following additional coverages will not increase the applicable Limit of Insurance: a. Alterations and New Buildings; b. Civil Authority; or c. Extended Business Income. 4. Valuation The following is added to E.7.Valuation of the BUILDING AND PERSONAL PROPERTY COVERAGE FORM: g. The amount of Business Income loss will be determined based on: (1) The Net Income of the business before the direct physical loss or damage occurred; (2) The likely Net Income of the business if no loss or damage occurred, but not including any Net Income that would likely have been earned as a result of an increase in the volume of business due to favorable business conditions caused by the impact of the Covered Cause of Loss on customers or on other businesses; (3) The operating expenses, including payroll expenses, necessary to resume"operations"with the same quality of service that existed just before the direct physical loss or damage; and (4) Other relevant sources of information, including: (a) Your financial records and accounting procedures; (b) Bills, invoices and other vouchers; and (b) Deeds, liens or contracts. h. The amount of Extra Expense will be determined based on: (1) All expenses that exceed the normal operating expenses that would have been incurred by"operations"during the "period of restoration" if no direct physical loss or damage had occurred. We will deduct from the total of such expenses: (a) The salvage value that remains of any property bought for temporary use during the"period of restoration" once "operations"are resumed; and (b) Any Extra Expense that is paid for by other insurance, except for insurance that is written subject to the same plan, terms, conditions and provisions as this insurance; and (2) Necessary expenses that reduce the Business Income loss that otherwise would have been incurred. i. Loss Payment We will pay for covered loss within 30 days after we receive the sworn proof of loss, if you have complied with all of the terms of this Additional Coverage and: (1) We have reached an agreement with you on the amount of loss; or (2) An appraisal award has been made. j. Resumption of Operations We will reduce the amount of your: (1) Business Income loss,other than Extra Expense,to the extent you can resume your"operations,"in whole or in part, by using damaged or undamaged property(including merchandise or stock)at the described premises or elsewhere. (2) Extra Expense loss to the extent you can return "operations"to normal and discontinue such Extra Expense. If you do not resume"operations,"or do not resume"operations"as quickly as possible,we will pay based on the length of time it would have taken to resume "operations"as quickly as possible. Page 12 of 25 Includes copyrighted material of Insurance Services Office, Inc.and MP 97 67 10 10 American Association of Insurance Services, Inc.,with their permission