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Loss of attraction
Loss of Attraction falls under the Business Income and Extra Expense coverage form although coverage is rarely included as it is hard to prove. For example, if a fire occurred at a hotel in Las Vegas, there may be other hotels in the surrounding area that will have lost income as a result of the reduction in tourism. For those hotels that have not suffered direct damage to the property, Business Income claims would fall under "Loss of Attraction. " Loss of Attraction coverage is not common and can be difficult to identify the loss resulting from a disaster and that which could have resulted from poor management or other uninsured factors. Physical damage to insured property is the primary trigger for business interruption claims; however, additional triggers of coverage outside of physical damage include acts of civil authority, ingress/egress, contingent business interruption and loss of attraction.
- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Tourism & hospitality
- Category: Hotels
- Company:
- Product:
- Acronym-Abbreviation:
Other Languages:
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