The purpose of the policy is to provide funds following a loss resulting from an insured peril. When you declare a sum insured and limit of indemnity, you are selecting cover for loss of insurable gross profit. Under normal policy wording this is referred to as loss of gross profit as a result of a reduction in turnover. The increased costs incurred after a property damage loss, to limit any reduction in turnover or revenue and to maintain normal business operations. These expenses could include such items as hiring alternate premises, temporary staff, additional freight or storage etc. Most policies limit the amount they will pay for these costs to the amount that is being saved in turnover or revenue.
Additional Increased Cost of Working Insurance
The increased costs incurred after a property damage loss, above those payable under the standard cover for Increased Cost of Working. These will generally include any reasonable costs irrespective of whether they limit any reduction in turnover or revenue. These additional increased costs are often expended to keep or regain market share, and to maintain normal business operationsYou must make sure that a fullbusiness interruption(loss of gross profit) policy is not more suitable. Your broker should be able to advise or if you wish to discuss with us please call or email.
To discuss your business interruption requirements with us contact us on 01707 883377 or email us on info@bromwall.com
I’d just like to convey my thanks for the excellent job, it is so refreshing to find a company that is genuinely passionate about its customers.
John Grainge |
Islington, London
Bromwall and especially David have been so helpful and supportive – always making the effort to contact me and ensure I was fully informed and, had completed all the necessary steps in the process.
Paul Bridgewater |
PB Systems, Leeds
I have yet to find another insurance broker, in my years dealing with the top names in the industry, who offers Bromwall’s personal service, professionalism & expertise. I would happily recommend Bromwall to everyone who has high net worth and complex business insurance requirements.
Louise Daniels |
Lion Enterprise, Manchester
For a variety of both motor and household briefs as well as for demanding professional activities, Bromwall Ltd have consistently delivered the most competitive quotations to us, along with a very personal and exacting service. We would not hesitate in fully recommending Bromwall for any matter relating to insurance.
Increased Cost of Working Insurance – What is it?