Consequential Loss Insurance
This policy is suitable for business concern to whom business interruption would mean heavy monetary loss in view of huge fixed costs levels.
Consequential Loss Insurance
This policy is suitable for business concern to whom business interruption would mean heavy monetary loss in view of huge fixed costs levels.
What it covers:
This class of insurance is designed to provide cover for expenses and increased cost of working as a result of business interruption following a loss covered by the fire policy. Insurance cover can be taken for the maximum period (Indemnity period) of the anticipated interruption in the event of loss of:
- • Net Profit which would have been earned but for the incident
- • Standing charges such as rent, rates, taxes, loans, interests, bank charges and the likes which may still be payable even though the business may be more or less at a stand still
- • Increased or Extra expenses incurred with a view of reducing the continued loss of net profit such as wages of skilled and/or extra staff, cost of alternative or temporary accommodation, advertisement, etc.
- • Auditor’s Fees in assisting in the preparation of the claim.
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