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
How to claim
In the event of any loss or damage giving rise to a claim under the policy, the following steps should be taken:
- Take necessary steps to minimize the loss.
- Immediately notify the insurance company by phone, email, fax or in writing.
- Extend full cooperation to the Surveyor deputed by the company.
- Submit duly filled in Claim Form along with necessary documents to substantiate the financial loss suffered as a result of the accident.
Note: Policy details given are indicative, not exhaustive. Please contact your nearest FICO office for further details.