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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.??????
The policy will cover the following losses that may occur due to a fire:
You can avail 'add on covers' on your Consequential Loss (Fire) Insurance policy, hence the material damage policy, by paying some extra premium. The major add-on covers include -
It covers the loss of profits experienced as a result of spoilage, which means interruption of business especially as a result of (1) Loss of stock-in-process or (2) Damage to machinery, containers and equipment. This cover can be involved in the Consequential loss (Fire) Insurance policy by paying extra premium by use of an endorsement wording.
This policy shall not protect you against certain consequential losses arising out of a fire or similar peril excluded under your material damage policy, which are:
In addition, this insurance policy will not protect you against any loss resulting from damages or consequential losses caused by, directly or indirectly, any of the following:
(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.
The main risk factors that would determine the basic rate for this product would be nature of occupancy, geographical location, past loss experience, deductibles and coverage. There would be other factors like indemnity period, type of process,vailability of spares, availability of stand-by machines etc. etc. which would be used for loading / discounting of the base rates
The Client has highly appreciated the inputs and report from Mr. Sudhanshu.
Its because of him we were able to convince the client to move to Liberty along with local sales support.
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.
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