Consequential Loss (Fire) Insurance Policy of Reliance General Insurance is basically an insurance package that is complimentary to the Standard Fire and Specials Perils Policy. The Standard Fire and Specials Perils Policy, is devised to provide risk coverage to the properties of the insured against any damage or loss in the event of any fire. Consequential Loss (Fire) Insurance Policy, on the other hand, is devised to provide cover in the event of any los of Gross Profit as a result of increased operational cost and decreased turnover, which in turn can very much affect the continuation of the insured’s business.
Consequential Loss (Fire) Insurance Policy of Reliance provides certain necessary extensions which are outlined as followed:
- Auditor's Fees
- Customer’s and Supplier's extension.
- Retrenchment compensation and lay-off and Notice Wages Liability.
- Public utilities extension.
- Insured's property stored at other locations.
What is covered?
As per the terms and conditions laid down by Reliance General Insurance, its Consequential Loss (Fire) Insurance Policy will provide coverage for:
- The standing charges that continued to accrue even after the cessation of business.
- The loss of net profit as a result of cessation of business due to certain insured peril.
- The additional expenses that the Insured had to incur in order to continue the normal business operations, during the time when the business is affected.
Consequential Loss (Fire) Insurance Policy of Reliance General Insurance can be taken by any industrial and commercial organizations to safeguard their interests against loss of earning in the event of severe fire or any allied peril covered that is specified under the provisions of the Standard Fire and Special Perils Policy