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Business Interruption Insurance
Common Factors in Property Insurance
Emerging Issues and trends in general insurance
Fire and Perils Insurance
The Need for Business Interruption Insurance
The business interruption policy (BOP) is also known as;
- Consequential Loss
- Loss of Profits
- Loss of Revenue
- Loss of Gross Earnings
The purpose of the business interruption insurance is to:
- Replace the income loss due to interruption of business by an insured peril
- Reimburse those charges which continue regardless of the reduction in turnover
- Meet additional costs which may be incurred to enable business to recover more quickly or reduce the loss. e.g. costs of provisional repairs, installation of temporary machinery, and the cost of alternative premises.
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