The Consequential Loss Policy (Business Interruption Policy) offers indemnity against loss of Gross Profit which is nothing but the sum of Net Profit and Standing Charges as a result of the loss of production caused by accident which is covered under the Material Damage Policy. Apart from covering loss of gross profit, it also covers Increased Cost of Working which relates to the expenses incurred for reducing or minimizing the reduction in turnover, but not any more than the loss that was purportedly avoided
This policy is always issued in conjunction with fire policy. The loss under this Policy is indemnifiable only when loss under MB policy is admitted.
The indemnity to be paid to the insured is arrived at by comparing the production achieved during the preceding financial year. The policy provides for computation of a standard rate of gross profit (gross profit earned per turnover). This rate of GP when multiplied by the loss in production due to the loss derives the loss payable to the insured.
Cholamandalam MS, a General Insurance Company in India, offers a wide range of insurance policies for individuals and corporates.
For individuals, there are products like Car Insurance, Travel Insurance, Two Wheeler Insurance, Health Insurance, Personal Accident Insurance, Crop Insurance and Home Insurance. For SME's and Corporate Insurance clients, Chola MS offers customized insurance solutions encompassing insurance and risk consulting services such as Group Mediclaim Insurance, Group Personal Accident Policy, Engineering Projects Insurance, Engineering Operations Insurance, Liability Insurance, Marine Insurance, Fire Insurance and other Miscellaneous Insurance Solutions.
All Rights Reserved. Cholamandalam MS General Insurance Company Ltd. Insurance is the subject matter of solicitation. Reg office: 2nd Floor, "Dare House", No.2, NSC Bose Road, Chennai - 600001, India. IRDAI Registration Number : 123. Trade logo displayed above belongs to ‘CHOLAMANDALAM FINANCIAL HOLDINGS LIMITED” (formerly known as TI financial holdings limited) and Mitsui Sumitomo Insurance Company Limited and used by Chola MS under license. CIN : U66030TN2001PLC047977.
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The advertisement contains only an indication of cover offered. For more details on risk factors, terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale
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