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Extra Expense means necessary expenses you incur during the “period of restoration” that you would not have incurred if there had been no direct physical loss or damage to property caused by or resulting from a Covered Cause of Loss.
What we do key takeaways:
- Review documentation supporting claimed Extra Expense.
- Evaluate and classify claimed expenses as ordinary continuing operating expense or Extra Expense.
Get in touch with our team today.
What Are Extra Expenses?
Extra Expenses refer to the necessary costs incurred during the “period of restoration”—the time it should take to repair or replace damaged property. These are expenses above and beyond what your business would normally incur if no damage had occurred. These may include leasing temporary equipment or facilities to continue operations.
Our Approach to Managing Your Extra Expenses
Our team is committed to a thorough review and assessment of the documentation supporting claimed Extra Expenses. We distinguish these from ordinary operating costs.
Strategic Steps in Our Evaluation:
- Review Documentation: Scrutinize all documents supporting claimed Extra Expenses.
- Classification: Differentiate between ongoing operating expenses and Extra Expenses.
For reliable and expert assistance in properly categorizing Extra Expenses related to business interruption, contact us.
