Loss of profits or Business Interruption

Business interruption insurance covers the loss of gross profit and additional expenses incurred by a business consequent upon its trading being temporarily interrupted, due to the operation an insured peril (e.g. a fire, or storm).

The policy insures loss of gross profit which is defined as turnover, less those costs that reduce in proportion to turnover during a period of interruption (e.g. the cost of buying raw materials). The indemnity period is the period beginning with the occurrence and ending not later than the maximum indemnity period thereafter, during which time business is affected by the interruption occasioned by the Damage.


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