Business Interuption Insurance (after a physical damage)

  18-05-2016


 Business Interruption Insurance names as "Lost of Gross Profit Insurance" or "Consequence Loss Insurance". The purpose of Business Interruption Insurance is to compensate the Insured for loss of profit and fixed cost as a result of insurable physical damage.

The Insured: Companies who have a Fire and Special Perils Insurance Policy or a Property All Risk Insurance Policy with LVI and wish to buy Business Interruption Insurance.

Insured Subject: Loss of Gross Profit due to reduction in turnover and increase in cost of working incurred by the insured during the Indemnity period

Coverage
LVI will compensate the insured for amount of loss occurred by:
- Reduction in turnover due to business interrupted during the restoration period (due to re-build or repair the buildings, purchase or import machinery and equipment ...);
- Continuing standing charge (staff salaries, office rents, factory rents…);
- Increase in cost of working (cost of hiring a temporary working place, removing equipments to a safe place, costs for staffs working overtime ..)

LVI will compensate the Insured for such losses in order to keep the Insured’s business growing when the damage occurs.