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Consequential Loss (Fire)
The policy operates in the event of -
damage to the property of the Insured due to any peril covered under Standard Fire and Special Perils Policy causing interruption to the business.
The Policy compensates
1. Loss of Gross Profit due to a reduction in turnover
2. Increased cost of working incurred in minimising that loss of Gross Profit
3. The basis of sum insured is the annual net profit of the business as per previous year's accounts plus the fixed expenses.
4. Gross Profit means the sum of net profit and standing charges.
5. Net Profit is the net trading profit excluding capital receipts, accretions and outlay chargeable to capital after making provisions for all standing charges.
6. Standing Charges mean all expenses which do not diminish proportionately with a reduction in turnover.
The policy does not cover-
1. Excess under material damage policy
2. All exclusions under Standard Fire and Specials Perils Policy
3. Inventory shortage
4. Loss of goodwill
5. Loss of market
6. War and Nuclear perils
You can opt for the following extensions-
1. Wages
2. Lay-off and retrenchment compensation and Notice Wages Liability
3. Auditor´s Fees
4. Supplier´s extension and customer´s extension
5. Insured´s property stored at other locations
6. Public utilities extension
Indemnity Period commences with the date of the damage and lasts till such time as the business is restored to its pre-damage level or the period stipulated in the policy which ever is earlier. The policy compensates for earnings lost during the Indemnity period.
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 Top Providers |
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ICICI Prudential Life |
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SBI Life Insurance |
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Life Insurance Corp. |
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Bajaj Allianz Insurance |
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United India Insurance |
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