You can make use of this policy if you are the principal purchaser or owner with regards to the property under construction.
To understand eligibility better, please read the
Our Advance Loss of Profit Insurance policy is an extension of material damage policies, specifically the Contractors All Risk policy and Erection All Risk policy. You must have at least one of these two material damage policies in effect at the time of the damage which leads to loss of profit.
This policy will pay for the following:
- Loss of net profit due to stoppage of business as a result of insured perils
- Standing charges which continue to accrue in spite of stoppage of business
- Additional expenditure you incur to maintain normal business activity during the period in which the business is affected
While the policy is intended to cover the principal owner, financiers of the project may also be included in the coverage.
This is not an exhaustive list. For a detailed list of inclusions & other details, please read the policy wordings.
This policy will not cover any consequential loss due to causes excluded by your material damage policy, i.e. Contractor All Risk and Erection All Risk policies.
This is not an exhaustive list. For a detailed list of exclusions & other details, please read the