THE COVER EXPLAINED
In simplest terms the business interruption policy is designed to put the business back in the same financial position it would have enjoyed but for the loss. It has a carefully thought out formula, that is well tested to achieve this stated aim of putting the business back where it ought to have been financially.
The cover starts from the date of the loss and extends to when the business’s turnover and profit levels are back to where they would have been but for the loss. There is a cap set on this known as the Indemnity Period, which is chosen by the Insured when the cover is taken out and is recorded in months on the Policy Schedule.
This is but a short overview of the cover afforded by most business interruption policies. Please continue to explore this site or speak with your insurance broker or adviser to learn more about this vital of insurance covers.