Business interruption insurance or Consequential Loss (fire) policy compensates you for lost income if your company has to vacate the premises due to disaster-related damage that is covered under your property insurance policy, such as a fire. It covers the revenue you would have earned, based on your financial records, had the disaster not occurred. The policy also covers operating expenses, like electricity, that continue even though business activities have come to a temporary halt.
Coverages include Loss of Net Trading Profit, Standing Charges, Loss in Respect of Wages other than those covered by the Standing Charges, Increased Cost of Working and Auditor's Fees.
Various additional covers like Suppliers Premises, Customer Premises, Failure of Public utility of power / gas/water supply are also available as per requirement and on payment of additional premium.
What's Not Covered
Third party claims
Fines and penalties payable due to delayed fulfilment or cancellation of sale/service contract
War and nuclear perils.
Loss of goodwill
Loss of market
Failure to recover book debts owing to destruction of records
Disclaimer The above exclusions are indicative in nature, for detail exclusions please refer to the policy wordings.
Disclaimer For complete details of Policy coverage, terms, conditions and exclusions, please refer the policy wordings. Click here to view Policy Wordings.