For all loss of profits from damage to the machinery
Compensation for standing charges, profit loss etc.
Complementary to existing Machinery Insurance
When your factory or plant machinery is damaged, the losses you suffer are far beyond just the cost of repairing them. There is the loss of income, the regular profit and the burden of the standing charges, to name a few.
Our Machinery Loss of Profits (MLOP) insurance can support you by covering these costs until the time you can resume regular operations.
MLOP insurance covers the actual loss of gross profits sustained as a result of the business interruption caused by an accident that's covered under Machinery Insurance.
Scope of Cover
It is the gross profits obtained from the turnover of goods produced or handled, services rendered or revenue or rentals achieved in the course of business for a period of 12 months (i.e. normally for the business year).
Increase in Costs of Working
It is, for instance, the additional expenditure incurred for the use of external power if the insured’s own power supply breaks down.
The period during which the insurance will compensate for losses. This is determined by the insured, depending upon the replacement period for the machinery to be insured.
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Apply in Person
Walk into one of our branches to get information, apply, and enrol in person.
No, any loss or damage to items that are immediately affected by the above are not covered. However, your insurance can be extended to cover any loss or damage to the correctly executed items resulting from an accident that happened because of faulty design, defective material or workmanship.
No, it's not. It totally depends on you. But we would say that it is advisable.
So, this is how it goes. You will need to estimate the maximum value of the stock that you may be holding at a particular point of time during the policy. This will be considered as the sum insured and the premium rate is charged based on this amount.
At the beginning of each month, you will need to declare the highest value of the stock that you were holding during the previous month. The same will be considered as the declaration for that month. At the end of the policy period, the premium is adjusted based on the average monthly declarations provided by the insured.
To be honest, we don't usually insure plastic factories. However, you can reach out to us and we can come to a decision based on your case.
There is no fixed tariff in such cases. The rate/premium is usually decided on a case-to-case basis, depending on your building, the kind of covers you are looking for, and other factors.