Application of time excess in BI Loss calculations

In one case a senior surveyor pointed out that under Business Interruption policies we apply time excess in terms of standard gross profit which is nowhere defined in policy and many times it becomes very difficult for them to convince insured on application of time excess based on standard gross profit
This is to inform all that while submitting revised  IAR policy wordings to IRDA, the appointed Technical committee  has explicitly defined the method of applying  time excess in terms of standard gross profit in the policy to avoid any ambiguity at the time of assessment of loss.











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