This is a specially designed policy which covers accidental loss or damage to electronic equipment.
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
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:
- Loss of gross profit
- Increased cost of working