Consequential Loss (Fire) Insurance Policy
Protects against financial losses arising from fire-related interruptions to your business operations.
Imagine a fire disrupting your business operations—not only do you lose property, but your income takes a hit until everything is back to normal. The Consequential Loss (Fire) Insurance Policy ensures that your business is financially protected during this critical recovery period. It compensates for lost income, standing charges, and additional expenses incurred to maintain operations, helping you get back on track with minimal disruption.
Key Benefits
- Covers Income Loss during business downtime.
- Protects Fixed Costs like standing charges.
- Covers Recovery Expenses for minimizing disruption.
- Ensures Business Continuity post-fire incidents.
Health Cover Up
to ₹50 Lacs
What is Consequential Loss (Fire) Insurance Policy?
The Consequential Loss (Fire) Insurance Policy compensates for financial losses due to business disruptions caused by fire. It covers income loss, ongoing costs, and additional expenses required to restore operations and minimize the impact on your business during the recovery period.
Why do you need Consequential Loss (Fire) Insurance Policy?
Protect Your Business Income
Ensures compensation for income loss during fire-related disruptions.
Ongoing Costs
Safeguards against fixed costs like rent, salaries, and utilities.
Minimize Recovery Expenses
Supports extra costs required to restore normal business operations.
Prevent Operational Downturn
Helps maintain business continuity during the rebuilding phase.
Why choose Insurance Manager to protect your business?
Comprehensive Protection for Your Workforce
Ensure employee well-being with complete health insurance coverage.
Comprehensive Protection for Your Workforce
Ensure employee well-being with complete health insurance coverage.
Cost-Effective Group Insurance Plans
Affordable plans with benefits like maternity, critical illness, and dependent coverage.
Cost-Effective Group Insurance Plans
Affordable plans with benefits like maternity, critical illness, and dependent coverage.
Peace of Mind for Employers and Employees
Reduce financial stress with cashless claims and reimbursement options.
Peace of Mind for Employers and Employees
Reduce financial stress with cashless claims and reimbursement options.
Boost Employee Productivity and Retention
Build loyalty and motivation by easing economic and mental burdens.
Boost Employee Productivity and Retention
Build loyalty and motivation by easing economic and mental burdens.
What does Consequential Loss (Fire) Insurance Policy
cover and exclude?
Plan Coverage
Loss of Business Income
Compensates for the reduction in income due to the temporary shutdown or disruption of business operations.
Standing Charges
Covers ongoing fixed costs like rent, utilities, and salaries that continue even during the period of interruption.
Increased Cost of Working
Covers additional expenses needed to continue operations at a reduced level, such as temporary relocation or hiring extra staff.
Repairs and Replacement Costs
Covers the cost of repairing or replacing damaged property, machinery, or stock to resume normal operations.
Debris Removal
Covers the cost of clearing debris and salvaging materials to make the premises usable again.
Loss of Profit
Reimburses the business for lost profits during the recovery period while operations are being restored.
Temporary Premises or Equipment
Covers expenses for renting temporary premises or equipment needed to continue business operations.
Payroll and Employee Costs
Ensures employees are compensated during the downtime to maintain morale and retain talent during the recovery process.
Major Exclusions
Normal Wear and Tear
Excludes damages that result from routine wear and tear or lack of proper maintenance, unrelated to the fire incident.
Pre-Existing Damages
Does not cover damages that existed prior to the fire, including any structural or equipment issues.
Indirect Losses Not Related to Fire
Does not compensate for indirect losses or damages caused by factors unrelated to the fire, such as economic downturns.
Fines or Penalties
Excludes coverage for fines or penalties imposed due to business interruptions or non-compliance with regulations during downtime.
Loss of Market Value
Does not cover the decrease in the market value of the business or property after the incident, only direct costs and losses.
Natural Disasters
Excludes damages caused by events like earthquakes, floods, or natural disasters unless specifically added as additional coverage.
Theft or Vandalism
Does not cover losses caused by theft, looting, or vandalism unless directly related to the fire event itself.
Uninsured Risks
Excludes any risks not covered under the standard policy or any additional riders taken out separately.
Your Journey to Insurance Manager
When can I Claim?
A claim under Consequential Loss (Fire) Insurance Policy can be registered in the below circumstances:
- Loss of Income: During the downtime caused by fire-related disruptions.
- Standing Charges: To cover ongoing costs like rent and salaries while operations are halted.
- Recovery Expenses: For additional costs incurred to resume normal business operations.
Claim what’s yours with Insurance Manager
Have more questions?
Submission
Assessment
