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Business Interruption Insurance

The Fire & Special Perils policies covers only material damage loss, i.e. the loss of capital invested in buildings, plant, stock etc. A Business Interruption Insurance policy however, covers loss of revenue on investments being rendered temporarily unproductive owing to damage by an insured peril. This policy must be taken together with a Fire (Material Damage) policy.

What it Covers

Loss of Gross Profit or Revenue due to Reduction in Turnover or Output
Increase in cost of working – The additional expenditure incurred for the purpose of avoiding or diminishing the Reduction in Turnover or Output
Auditors fees

Basis of sum insured

Could be arrived at using the following methods,

Additions basis – Gross profit = Standing Charges + Net Profit
Difference basis – Gross Profit = (Turnover + Closing Stocks) – (Opening Stocks +Uninsured Working Expenses)

Note

Particulars of cover and exclusions given above are not complete or exhaustive. For more details please call us on 0112 428 428 or visit one of our nearest branches.

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