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The policy covers profit lost due to reduction in turnover arising from interruption of business following damage to the property insured.

This policy can be taken only in conjunction with Fire Policy or Machinery Breakdown policy and is also known as Business Interruption Policy or Loss of Profit Policy.

The policy covers:
Loss of gross profit
Increased cost of working


The policy operates once there is a valid claim under the Fire Policy or Machinery Breakdown Policy.

The loss of profit is measured by comparing the turnover/output /revenue during the indemnity period with the turnover during the corresponding period in the previous year (known as the standard turnover).

The increased cost of working is measured by the additional expenditure (subject to the provisions of the uninsured standing charges clause) necessarily and reasonably incurred for the sole purpose of avoiding or diminishing the reduction in turnover, which for that expenditure would have taken place during the indemnity period in consequence of the damage but not exceeding the sum produced by applying the rate of gross profit to the amount of the reduction thereby avoided.

All documents establishing reduction in turnover have to be submitted to the Surveyor appointed by the insurance company. In addition if any extra expenses have been incurred to minimize reduction in turnover the same are also payable subject to the overall sum insured.

Note: Policy details given are indicative, not exhaustive. Please contact your nearest FICO office for further details.

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Burglary
Contractors All Risk
Fire
Goods In Transit
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