We have an insured who wants to purchase this specialty insurance that would help cover their costs and lost profit (preferably total gross revenue) for lost business due to inclement weather.
Requested are an annual $25,000 limit of insurance. (These are approximate limits for four days of gross revenue).
The interruption coverage would be triggered by two events as follows
1) Closure of Schools due to winter conditions and
2) Less than 50% of average daily gross receipts (based on average daily receipts from prior week or most recent past week without inclement weather causing Schools to close.
Claim payment would be the amount of reduction in gross receipts from the average amount of receipts of the prior non-inclement weather week.
Is there such a coverage???
