Coverage / Property and construction
Property and business interruption
The sum insured is a number you choose. The indemnity period is a decision you make.
Material damage and loss of gross profit for offices, warehouses, shops and stock.
01 Scope
What it may cover
Subject to wording. Insurers differ; a sound policy answers these three points.
Physical loss or damage to buildings, contents, plant and stock at declared locations.
Loss of gross profit and increased cost of working while the business recovers.
Extensions for suppliers, customers, denial of access and utility failure.
02 Placement
What affects price and terms
Underwriters price what they can see. These facts come first, so we present them before they ask.
Typhoon, flood and landslip exposure by site, including basement stock.
Construction, sprinklers and fire separation at the main locations.
Accuracy of declared values against reinstatement cost.
Dependency on a single site, supplier or customer.
03 The underwriting file
What we need from you
- Schedule of values by location, with basis of valuation.
- Gross profit calculation from the latest audited accounts.
- Five years of loss history, with open reserves.
- Recent survey reports and the status of each recommendation.
A complete file reaches more markets and returns firmer terms. Gaps are priced as uncertainty.
04 At renewal
Common gaps at renewal
01Indemnity period set by habit
Twelve months is the default, not the answer. Rebuilding a fitted factory or requalifying with a customer often takes longer.
02Average applied at claim
Values declared below reinstatement cost reduce every claim, not only the large ones.
03Supplier extensions with no named suppliers
Unnamed supplier cover is usually sublimited. Key suppliers should be named.
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Send us the risk the last broker could not place.
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