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Before we explore the area of LOP extensions, we need to appreciate the difference between Material damage insurance policy  and the other policy, known by different names- like Consequential Loss (CL)/ Loss of profit (LOP)/ Business interruption (BI) policy. Material damage policy covers the physical damage to a machinery or a...

In our previous blog we had discussed the material damage provision being- deemed extended to a premises of   Supplier/Customer ( beyond the Insured manufacturing unit) for purposes of trigger for LOP liability.  Denial of access follows the same logic, extending the physical loss or damage to "vicinity" (which may be...

Going back to the basics, a Business Interruption policy covers the loss of profit due to interruption caused by material damage at the insured location (and in some cases- at other specified location/s). The revenue generated by the business, the profit lost and other financial details required in event of...

The loss of profit insurance policy differs from other insurance policies in respect of concept of Indemnity period. In other policies, the period of insurance (From….to….date ) & period of indemnity indicate the same thing. Let us try to understand the difference for a LOP policy.Period of indemnity in a...

Have you ever marvelled at the deft movement of a puppeteer's fingers that create a real life like scenario before you. For a moment let us move away from the obvious excellence of skills of the puppeteer and look at the environment  around him, which make his show a success....