Insurance Glossary

Incurred but not reported (refers to claims)

Increased Cost of Working: coverage provided for additional costs to get work done after a claim has occurred, for example, if part of a production plant is destroyed but production levels can be maintained by working two shifts or overtime, then the additional wage costs associated with the two shifts or overtime would be covered

Increased Cost of Working: coverage provided for additional costs to get work done after a claim has occurred, for example, if part of a production plant is destroyed but production levels can be maintained by working two shifts or overtime, then the additional wage costs associated with the two shifts or overtime would be covered

Also known as suppliers extensions and interdependency. Provides coverage in the event that a major supplier suffers a loss and is not able to provide the insured with goods needed for the insureds’ production.