A policy that insures against consequential or indirect losses such decreased sales, which arise from damage to an insured property. Consequential loss policies help to mitigate indirect risks arising from mishaps, and are generally sold in conjunction with regular policies that insure properties against fire, theft, and other forms of damage or destruction.
Generally insurance policies cover only physical damage to property by insured perils. This, at best , covers the expenses incurred for repairing or replacing the damaged property .
But what about the financial loss suffered due to interruption of business operations whilst the damaged property is being repaired or replaced ?
This policy offers a solution by covering 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.This policy is also known as Business Interruption Policy or Loss of Profit Policy
The policy covers:
WHY MY CLAIM GOT REJECTED?
Inflated and fraudulent claims. Don’t inflate your claims. Most policies carry a forfeiture clause, so if you are caught out, you may have to forfeit all benefits under the policy – in other words, the insurer is entitled to repudiate the entire claim,
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