Products

Consequential Loss or Business Interruption Insurance

The fire policy covers only the physical loss or damage to the property insured but does not cover loss of profit arising from such physical damage. As a result of the loss or damage to the physical assets, the Insured is unable to carry out its planned level of business, thus leading to a fall in gross profits.

This policy is designed to cover during the period of interruption:
  1. Net Profit lost in consequence of the interruption of your business
  2. Standing charges (such as rent, taxes and interest on loans) which continue to be payable by your business to the extent they are no longer earned by the residual trading.
  3. Wages of employees not gainfully employed but need to be retained during the interruption period.
  4. Increase in the cost of working necessarily incurred to overcome or to minimise the effects of damage upon the business such as renting of temporary premises, hiring of machinery or extra labour costs.


Besides where your business is dependent partly upon the continued existence of the premises of suppliers, customers or other persons or bodies from whom you receive services or facilities, the policy can be extended to cover loss resulting from damage by insured risk at such other premises.