Application of time exess in Business Interruption policies

Some time back, one of the senior surveyor pointed out that under business interruption policy we apply time excess in terms of standard gross profit which is nowhere defined in the policy. Due  to this it becomes very difficult to convince insured or his Technical  advisors in respect of application of policy time excess.
This is to inform all that while submitting revised  IAR policy wordings with IRDA, we have explicitly defined standard gross profit in the policy to avoid anomalies at the time of assessment of loss.
To understand it more clearly you may visit vpinsupedia channel on YouTube and look at Part 2 of Business Interruption policies to understand the calculation part of 7 or 14 days time excess in terms of standard gross profit.

Comments

  1. BholaSeptember 3, 2022 at 12:23 AM

    Sir would like to know the basis of sum insured in BI policy. How we decide it whether it should be on turn over basis or revenue

    ReplyDelete

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