Increased Cost Of Working InsuranceThe 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 InsuranceThe 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 operations You must make sure that a full business 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 firstname.lastname@example.orgImage courtesy of tungphoto / FreeDigitalPhotos.net
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