Brief Summary of Business Package Cover
Section 1 – Fire
Loss of or damage to insured’s building, equipment or office contents from fire, explosion, earthquake, strike, lightning, storm and tempest, impact, accidental and malicious damage.
Section 2 – Business Interruption
Loss of gross profit, fees and/or income, additional costs incurred as a result of a claim
under Section 1 of the policy. Additional costs includes:
outsource provision of meal
hiring of replacement equipment
wages paid to continue “normal” service
Section 3 – Burglary/Theft
Loss of or damage to equipment or office contents and property as a result of forcible and violent entry, or theft by a person feloniously concealed on the premises.
Section 4 – Glass
Replacement value of all internal/external glass.
Section 5 – Money in Transit
Loss of money as specified due to armed hold up/theft by third parties, including damage to safes, strongboxes and the like.
Section 6 – Machinery Breakdown/Deterioration of Stock
To cover damage to the insured’s machinery due to a mechanical breakdown and subsequent loss of stock due to this breakdown.
Section 7 – Deterioration of Stock Only
To cover deterioration of stock only in a freezer in premises not owned by your organization.
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WHAT IS NOT COVERED/MAJOR EXCLUSIONS TO THE ABOVE
Wear and Tear
Theft of property in the open air