Home | Engineering | Machinery Loss of Profit

Machinery Loss of Profit

This is a policy that protects the owner against loss of gross profit following damage to the insured machinery. It is required that the insured is also covered under machinery Breakdown.

Features
What's Covered
Benefits

The Machinery Loss of profits covers by:

Replacing the income lost due to interruption caused by material damage indemnifiable under machinery insurance
Reimbursing the charges which continue regardless of the reduction in turnover.
Paying net profit which would otherwise have been earned
Meet additional costs which may be incurred to enable the business to recover more quickly or to reduce the loss. Examples of such costs are cost of provisional repairs, installation of temporary machinery and cost of alternative premises.
Indemnity period of 12 months

The continuing business expenses (standing charges)
The net profit
The salaries and wages paid to employees
The increase in cost of working, i.e. the additional expenditure necessarily and reasonably incurred for avoiding or diminishing a reduction in turnover

This policy covers the following: