PROPERTY & CASUALTY
Consequential Loss
Consequential loss insurance is also know as Business Interruption Insurance. The policy can be arranged to pay for the loss of profit, standing charges, additional cost of working or charges which may be incurred to kick start the business operation after a loss (e.g from a fire). The compensation is for a limited number of months arranged and will ceased when the business in back running or the fulfillment of the indemnity period.
APPLICATION
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Additional Information
When the fixed asset of a business is loss due to a unfortunate incident (e.g. Fire, Flood, riot), the business also loss its income stream from the business operations. Many of the fixed expenses will continue to be incurred even with the business is not running. This includes rent, wages, installments and other subscriptions. The business may also need additional money for it to arrange a alternative operation plan to overcome the disaster.
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Enhanced Coverage
With a disaster recovery plan, the business owner will have a clear understanding of the implications to its business. He can enhance its business interruption coverage with additional coverage to address to the different cost which he may requires after a loss.
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Documents Required
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Applicable To
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Case Study
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