What is the ALOP EAR and CAR Cover?
The policy protects against actual loss of gross profit sustained as a result of delayed commencement of business operation caused by an accident covered under EAR/CAR.
- Standing Charges– This refers to continuing business expenses such as salaries and wages paid to employees plus the net profit.
- Increased working costs – The product covers additional expenditure necessarily and reasonably incurred for avoiding or diminishing a reduction in turnover, revenue, or rentals.
ALOP insurance compensates for:
Advance loss of profit insurance only covers the actual loss of gross profit stemming from a delayed project.
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- The insurer shall not be liable for loss of gross profit and/or increased cost of working due to any delay caused by or resulting from: Earthquakes, restrictions imposed by a public authority and non-availability of funds
- Any loss due to fines or damage for breach of contract, for late or non-completion of orders, or for any penalties of whatever nature
- Loss of business due to causes such as suspension, lapse or cancellation of a lease, licence or order, etc. Which occurs after the date of actual commencement of the business