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Harvey is the sole proprietor of a barbershop, has no employees, and operates in a leased building with a five-year renewing contract. Harvey is concerned
Harvey is the sole proprietor of a barbershop, has no employees, and operates in a leased building with a five-year renewing contract. Harvey is concerned that he could lose customers if his leased building is damaged due to a business interruption. Harvey's insurance producer has advised him to consider purchasing a Business Income Coverage Form. Harvey's projected annual income is $50,000 and his probable maximum loss (PML) is $34,000. Assuming Harvey selects the lowest coinsurance percentage that provides him with adequate protection, Harvey needs to purchase business income insurance in the amount of Available answer options Select only one option A $10,000. B $35,000. C $45,000. D $50,000.
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