Machinery Loss of Profit Insurance is an expansion of Machinery Breakdown / Boiler and Pressure Plant Insurance policy. It follows the fortune of the material damage policy as per the material damage provisions.
It is essential for a Machinery Loss of Profit Policy to possess a material damage policy in influence during the occurrence of the damage protecting the interest of the insured in the property at the premises against such damage.
The Machinery Loss of Profit policy will pay for the following:
- Loss of net profit due to the cessation of business as a consequence of insured perils
- Standing charges which accumulate despite the cessation of business
- Additional expenses sustained to maintain the regular business processes during the period when the business is affected
The above list is not exhaustive. Please read the policy wordings. for a detailed list of inclusions and other details.