About the Service
Business interruption insurance covers financial losses arising from a complete or partial interruption of the insured company’s operations which in their turn resulted from an insurance event covered under property insurance contract. This type of insurance can be arranged only as a part of property damage contract.
Purpose of Cover
- Maintaining the financial stability of the business
- Compensation for lost profits, fixed costs, loan repayments and interest
- Providing funds to cover ongoing expenses
Insured Events
- An interruption, suspension, slowdown, or reduction in the insured company’s operations resulting from loss of or damage to property caused by an insured event covered under property damage policy
Scope of Indemnity
Includes, but is not limited to:- Lost profits and fixed costs
- Ongoing operating expenses that continue to be incurred during the interruption
- Additional expenses incurred to restore and resume operations
