The business of the owner is the extension of the owner. The business is the result of the efforts and the aspirations of the staff and the closed ones. It is somewhat like an asset and thus it is a huge deal for the protection of an asset. Knowing the value of business to the owner HDFC ERGO has brought in the HDFC ERGO Consequential Loss - Fire Policy which is specially designed for SMEs and Corporate bodies.
The plan covers of HDFC ERGO Consequential Loss - Fire Policy are:
- This plan covers the loss of gross profit due to reduction in turnover.
- This plan also covers the changed cost of working obtained in lessening the loss of gross profit.
The customer who is having the HDFC ERGO Consequential Loss - Fire Policy can choose among the following options as extension of this policy:
- Customer’s Extension
- Supplier’s Extension
- Lay-off and Retrenchment Compensation and Notice Wages Liability
- Public Utilities Extension
- Auditor’s Fees
The sum insured under the HDFC ERGO Consequential Loss - Fire Policy is depended on the estimated annual gross profit of the business according to the accounts of the previous year. The ensured person will be entitled to return the premium if the profit earned in the financial year is less than the sum insured.
The exclusions of HDFC ERGO Consequential Loss - Fire Policy remains the same as the fire material damage cover.
The rating of HDFC ERGO Consequential Loss - Fire Policy is governed by tariffs. The two rating systems are:
- The multiplier which is related with the chosen indemnification period.
- The basis rate which originates from the assumptions referred.