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Consequential Loss (Fire) Insurance
The Consequential Loss (Fire) Insurance Policy would be applicable for all risks covered under Standard Fire and Special Perils Policy. The Sum Insured is based on the gross profit of the business. Gross Profit is defined as the sum of Net Profit and insured standing charges.
Policy Coverage
All perils under the Standard Fire and Special Perils Policy are covered under Consequential Loss (Fire) Policy. The Consequential Loss (Fire) Policy may also be extended to cover the Add-On Perils insured by the fire Material Damage Policy at an additional premium. Policy broadly covers
  • Loss of Gross Profit due to Reduction in Turnover
  • Increased cost of working - The additional expenditure incurred for the purpose of avoiding or diminishing the Reduction in Turnover or Out put
Add-on Covers
On payment of additional premium, the following coverage can be selected
  • Supplier's extension
  • Customer’s extension
  • Failure of Public power supply/Gas works/water works
  • Auditor’ fees
Major Exclusions

All exclusions applicable for Material Damage (SFSP) policy are applicable for CLOP policy also.

Please refer policy wordings for complete list of detailed exclusions.
  • This Policy does not cover the deductible stated in the Schedule in respect of each and every loss under various covers. Deductible is generally defined in terms of number of days of standard gross profit.
The amount of the premium depends on various risk factors like Occupancy and type of process, Risk location, Construction type, Age of the risk, Fire protection, Past loss experience, Indemnity period, Deductible etc. Premium is adjustable on expiry of the policy based on the annual gross profit, as per the audited balance sheet.

Disclaimer: The actual benefits available are as described in the policy, and will be subject to the policy terms, conditions and exclusions. Please seek the advice of your insurance advisor/ contact our branch if you require any further information or clarification.
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