IRDAI License Number: IRDAI/INT/ISNP/2022/250

Fire Loss of Profit Policy

Epoch Insurance Brokers Private Ltd.
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Fire Loss of Profit Policy
Introduction
Who can take this Policy?
Coverage
Add on Covers
Basis of Sum lnsured
Exclusions
Introduction

Who can take this Policy?

Coverage

Add on Covers

Basis of Sum lnsured

Exclusions

Why Choose PolicyLo.com

Professional and Experienced Team
Professional and Experienced Team
Customized Solutions
Customized Solutions
Strong Relationship With Insurance Companies
Strong Relationship With Insurance Companies
Service Commitment Ontime Everytime
Service Commitment Ontime Everytime
Technological Edge
Technological Edge
Additional Services Offered
Additional Services Offered
Competitive Premium
Competitive Premium
Single Window Solution
Single Window Solution

Important Points to remember while Buying the Policy

Adequate Sum Insured - To Avoid Underinsurance

Gross Profit Definition including Standing Charges


Ensure that assets should be covered under the right entity/company

How to fix indemnity Period

  • Indemnity period should be selected taking into account the worst case scenario that how long operations would be affected. It is always recommended to take longer indemnity period.
Risk Location/s should be properly mentioned

Importance of Departmental Clause


Downloads
Proposal Form
Proposal Form  
Policy Wordings
Policy Wordings  
Claim Form
Claim Form  
Key Documents
General Claim Intimation Format
General Claim
Intimation Format
Immediate Action Client Should Take
Immediate Action Client
Should Take
Indicative General Documents
                            for Settlement of Claims
Indicative General Documents
for Settlement of Claims

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Claim Case Study - 1

1
Situation
Situation

Underinsurance

2
Challenge
Challenge

Claims amount get reduced proportionately In relation to Sum Insured/ Value at Risk

3
Solution
Solution

Properties or machineries should be insured for market value or replacement value to be considered as on the date of loss (Not on the date of insurance) to avoid average clause

4
Advisory/Conclusion
Advisory/Conclusion

Adequate Sum Insured to be taken after Valuation

Claim Case Study - 2

1
Situation
Situation

In a manufacturing plant short circuiting in a heavy machine due to which the claim was denied by the Insurance company

2
Challenge
Challenge

Asset in which the short circuiting has originated is not covered as per the domina clause provision under policy terms and conditions.

3
Solution
Solution

Exact smaller part from which the shortcircuiting had occurred was identified. This resulted in the increase in the claim amount because the cost of the smaller part was only disallowed.

4
Advisory/Conclusion
Advisory/Conclusion

Critical machines to be covered under both Fire and Machinery Break Down Policy so that this exclusion is not applicable and there is a resultant increase in the claim amount.

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