What is a period of indemnity?
The period of indemnity is the length of time the insurance company is obligated to make payments to cover the losses insured under the policy. Typically, an indemnity period will have a time limit stated within the policy, such as 12, 24, or 36 months.
How do you calculate business income and extra expenses?
ALS: Actual Loss Sustained. Referring to Business Income, the policy limit is the ALS, for a specific period of time, such as: 12 Months Actual Loss Sustained.
What does ALS 12 months mean?
Actual loss sustained is often part of business interruption coverage. It covers the loss of income sustained while access to the insured's business is prohibited by order of civil authority or as a result of physical loss or damage of their property from a covered peril.
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