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Consequential Loss

Consequential-Loss

Consequential Loss (CL)

This policy operates in the event of damage to the premises of an insured, causing an interruption to his business.

It enables the insured to recover:

loss of gross profit due to reduction in turnover

Increased in cost of working

The perils covered are the same as covered by Fire & Special Perils.

The perils covered are the same as covered by Fire & Special Perils.

Gross Profit

Wages

Auditors Fees

 

PERILS/RISK COVERED

The perils covered are the same as covered by Fire & Special Perils.

 

PERILS/RISK NOT COVERED

The perils covered are the same as covered by Fire & Special Perils.

 

INSURED ITEMS

Gross Profit

Wages

Auditors Fees

RATING

Premium rates are the same as under Fire & Special Perils with multipliers depending on:

 

Indemnity period

Basis on which the wages are insured

No claim will be payable under CL/BI policy unless at the time of the happening of the damage there shall be in force an insurance covering the interest of the insured in the property at the premises against such damage and that payment shall have been made or liability admitted therefore under such insurance.