If a fire or any other insurable event occurs on your business premises and forces you to temporarily close your business, our Business Interruption Insurance Policy will cover your loss of profits and/or earnings until you are able to resume your business and start your normal operation to your profits and earnings.
With both our Property All Risk Insurance and Business Interruption Insurance, you have full protection for your property and your business profits and you also have sufficient financial support you require just in time of need.
The Insured: Companies who have a Fire and Special Perils Insurance Policy or a Property All Risk Insurance Policy with CVI and wish to buy Business Interruption Insurance.
Insured Subject: Loss of Gross Profit due to reduction in turnover and increase in cost of working incurred by the insured during the Indemnity period
Coverage: CVI will compensate the insured for the amount of loss that occurred by:
– Reduction in turnover due to business interruptions during the restoration period (due to re-build or repairing the buildings, purchasing or importing machinery and equipment …);
– Continuing standing charge (staff salaries, office rents, factory rents…);
– Increase in cost of working (cost of hiring a temporary working place, removing equipment to a safe place, costs for staffs working overtime ..)
CVI will compensate the Insured for such losses in order to keep the Insured’s business growing when the damage occurs.