Prevent fires from causing your business long-term losses. This policy protects against the "after effects" of losses suffered from a fire, including the inability to maintain business due to damaged or lost assets.
You may select to insure any of the benefits or all benefits below:
- Loss of Gross Profit (Difference Basis or Additional Basis cover)
- Loss of Gross Revenue
- Loss of Gross Rental
- Standing Charges only
- Wages (Dual Basis or 100% or Pro-rata)
- Wages and Salaries on Payroll Basis
- Increased Cost of Working only
In addition, you may choose to insure Auditors’ Fees as an additional benefit by paying addition premium.
The benefit(s) payable under eligible product is protected by PIDM up to limits. Please refer to PIDM’s TIPS Brochure or contact Berjaya Sompo Insurance Berhad or PIDM (visit www.pidm.gov.my)
Additional Information
Definition to the Coverage
The Fire Consequential Loss policy covers loss of Gross Profit following an indemnifiable peril (the perils usually follow that of the Fire policy) and is measured on the reduction in turnover compared to the same period in the last twelve months and applying the Rate of Gross Profit. Cover also extends to include Additional Expenditure reasonably incurred to minimise the loss of Gross Profit.
The costs of non productive wages can be included either as treating them as a standing charges, or taking out more specific covers such as Dual Wages. Professional accountants' charges to produce certified details for the Insured's presentation of a claim could be included.
Interest Insured
- Gross Profit
- Wages/ Salaries
- Rental
- Auditors' Fees
Indemnity Period
The indemnity period is the maximum period during which the policy is to provide an indemnity following any damage and is selected by the policyholder. It should be sufficient to allow for the premises to be rebuilt and re-equipped and for the premises to be restored fully to normal conditions in every way. The indemnity period of 6 months, 12 months, 18 months, and 24 months or higher can be selected.
Information Required for Quotation
Rate applicable on Fire Consequential Loss follows rate of the Fire Insurance.
Sum Insured of interest insured and the indemnity period as selected are the major factors required for quotation.
Major Exclusions
This Policy does not cover: -
- Loss by extraordinary events taking place during the interruption
- Loss by restrictions imposed by the authorities on the reconstruction or operation of the business
- Loss due to lack of sufficient capital for timely restoration or replacement of property, damaged or lost
- Loss in consequence of the burning of property by order of any Public Authority
- Subterranean Fire
- War, Civil War and any act of Terrorism
- Radioactive and nuclear energy risks
- Date recognition
- Property damage to data or software
Note: This list is non-exhaustive. Please refer to the Policy Contract for the full list of exclusions.
