Fires and allied perils can damage or majorly destroy a considerable part of your property in just a short while, and can further have worse effects on your business function. It could lead to disruption or complete halt in your regular work and business activities, resulting in loss of profits. However, with the Consequential Loss (Fire) Insurance policy, you can easily avoid situations capable of taking a hit over your business turnover and be sure of securing your profits in all situations.
The Fire Loss of Profit Insurance Policy takes care of your business in the hardest times when it is recovering from the damages caused by a fire. The policy saves you from stressing over your finances in such delicate situations. This policy, serving as an extension of the material damage insurance, safeguards your business against fire and allied natural perils ensuring that you are protected against the physical damages of a fire. That in turn ensures that your business losses are minimized.
The Fire Loss of Profit Insurance is an indemnity policy and the sum insured depends fully on the gross profit of your business and the indemnity period.
Like most other policies, the amount of the premium to be paid depends on certain risk factors. The considerable risk factors under this policy would include the type of occupation, past loss experiences, location and deductibles and coverage along with secondary factors like the number of shifts, number of production lines, type of production process, etc.
The Consequential Loss (Fire) Insurance policy is an extension of the material damage policy for protection against consequential damages caused by a fire. Following is a list of the broad exclusions and inclusions of the policy. However, the following is only a list of mains and for a complete exhaustive list you must read the policy wordings -
The policy can be beneficial for anyone who has taken a material damage policy for protecting your possession or property against physical damage as a result of fire and allied perils. To know more about the eligibility, inclusions and exclusions, please read the policy wordings.
To know more about the eligibility, inclusions and exclusions, please read the policy wordings.??????
(i) Commercial Establishments( Hotels, Offices, Shops, Malls, Hospitals Etc.), Manufacturing units.
(ii) This
should be insured along with Standard Fire and Special Perils Policy
The policy covers loss due to stoppage of business following loss or damage to your insured property.
The policy which also covers reduction in gross profit due to business interruption following fire and allied perils
The Sum Insured is based on the gross profit of the business. Gross Profit is defined as the sum of Net Profit and insured standing charges.
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We find the report is very exhaustive in bringing out the risk exposures and the works the client has to carry out for risk elimination. Surely the client will be benefited by the suggestions you have put forth.
Liberty Mutual Insurance Group Announces
New Joint Venture Partnership for Indian
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