Loss of hire, loss of production, business interruption

We can place cover to protect against financial loss or reduction in revenue incurred as the result of the loss of use of an asset.

Cover will respond following all risks of physical loss or damage but can also be extended to include:

• War (other than on fixed property) and terrorist risks
• Extra/expediting expenses
• Increased cost of working
• Contingent loss of hire/loss of production/business interruption caused by physical loss or damage to an interdependent third party asset
• Advanced loss of profits/delay in start up of newly constructed facilities

This insurance can be placed as part of the main physical damage or construction policy protecting the asset or can be taken out separately.

The minimum details required to offer a premium indication are as follows:

• Description and location of assets to be protected
• Daily revenue/hire amount/delay penalties or anticipated income
• Period of indemnity required
• Schedule of any interdependent third party facilities/suppliers/customers and any mitigating factors that should be taken into account such as ability to re-route production or alternative feedstock supplies.
• Five year loss record