Indiamart Member Since
Feb 2014
Advanced Loss of Profit / Delay in Startup Policy
A Marine-cum-Erection or Contractor's All Risk policy covers only physical damage to property which, at best, covers the expenses incurred for repairing or replacing the damaged property.
The Advance Loss of Profit is designed to cover:
- Loss of Gross Profit = Net Profit+Standing Charges
OR
- Loss of Gross Earnings = Turnover-Specified Working Expenses
OR * Fixed Operation & Management Costs
* Debt Service Charges
* Increased Cost of Working
Product Details
Company Details
Product Description
A Marine-cum-Erection or Contractor's All Risk policy covers only physical damage to property which, at best, covers the expenses incurred for repairing or replacing the damaged property.
The Advance Loss of Profit is designed to cover:
- Loss of Gross Profit = Net Profit+Standing Charges OR
- Loss of Gross Earnings = Turnover-Specified Working Expenses OR
- Fixed Operation & Management Costs
- Debt Service Charges
- Increased Cost of Working
- Special Expenses e.g. penalties
The policy pays for the actual loss of gross profit incurred during the period of delay, commencing from the scheduled date of commencement of commercial operation upto the actual date of commencement of commercial operation subject to a time excess and indemnity period selected. The delay, however should have occurred due to a claim payable under marine -cum- erection policy, storage-cum -erection policy or contractor's all risk policy.
About the Company
CIS aims to simplify the complex world of general insurance for its customers. It has entered into strategic alliances with all the major insurance companies, and has access to the best products and solutions in the general insurance market.
Seller Contact Details
No. 515, Kirti Shikhar Tower, Janakpuri Delhi - 110058, India
Get Directions