Under the business income coverage form, which of the following statements is incorrect?

The statement regarding the reimbursement for the loss from the date of loss to the date of restoration or policy expiration date, whichever comes first, is incorrect because, under the business income coverage form, coverage is typically provided for the period during which business income is lost due to direct physical loss or damage to the property covered, up to the policy limit or for a specified time, rather than the expiration date of the policy.

This means the insured can only claim for the period of interruption until the business is restored or until the end of the business income coverage period, which is often defined in the policy itself. If the policy has a specific time limit for coverage (like 12 months), then after that period, the insured would not continue to receive reimbursements, regardless of the policy's expiration date.

The other statements correctly reflect provisions found in most business income coverage forms. For example, payroll expenses are typically covered as part of the ongoing operation during the indemnity period. Additionally, the appraisal process is a standard procedure designed to resolve disputes over loss value, ensuring both parties can seek a fair assessment. Finally, the necessity for the insured to take reasonable steps to resume operations reflects the principle of mitigating losses, which is fundamental in insurance contracts.