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Here is a brief summary of the cover available
under each of our Consequential Loss
policies. We will be pleased to supply specimen
policies, which give further information
about the covers and set out the full terms
and conditions will govern any contract
of insurance.
The
Cover.
You
insurance against Fire and additional
perils will provide compensation for destruction
or damage to your property, but it will
leave you unprotected against financial
loss resulting from the consequent interruption
to your business.
When
properly arranged, a Consequential Loss
policy will put your business in the same
financial situation it would have enjoyed
had the destruction or damage not occurred.
Besides making good the loss of net
profit following an interruption to
trading, the policy also pays for:
Continuing overheads (or standing
charges)
These are expenses, which must be paid
regardless of any interruption to trading
and will not vary in direct proportion
to any reduction in business activity
e.g. rent, rates, loan interest, etc.
Wages
and salaries to retained employees.
Payments (where necessary) to discharged
employees.
Increased
cost of working These
are costs, which are reasonably incurred
to help maintain turnover, such as use
of temporary premises, overtime working,
or contracting work to other companies
Auditors' or
accountants' charges incurred in
producing information needed by us to
complete a settlement.
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| Please
select the country/city where the form is
to be submitted |
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Full
Name of Proposer |
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Postal
Address |
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Tel.
No |
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Fax No. |
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E-Mail |
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What
business or trade do you carry on at the
premises?
Period of Insurance: From
Period of Insurance: To
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| 1 |
How long have you been in the same business?
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(a) At these premises? |
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(b) Elsewhere? |
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| 2 |
When does the financial year of your business
close? |
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| 3 |
Do
you keep proper books of account, which
are regularly and independently audited
by professional accountants? |
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| 4 |
If
not, what are your accounting arrangements? |
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| Please
give the name of your Auditors |
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| 7 |
Please
give address of your Auditors |
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| If
the insurance of the buildings &/or
contents is not placed with Compagnie
Libanaise d'Assurances. S.A.L, please
answer the following questions. |
| 1 |
Details of insurance on Buildings &/or
Contents: - |
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(a)
Name of Insurer |
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(b)
Sums Insured |
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(c)
Perils Covered |
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| 2 |
When were the buildings constructed? |
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| 3 |
What is the construction of: - |
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(a)
External walls? |
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(b)
Roof? |
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(c)
Floors? |
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| 4 |
What external woodwork is there apart from
doors and shutters? |
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| 5 |
Are the buildings in a good state of repair? |
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| 6 |
What is the method of? |
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(a) Lighting? |
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(b) Heating? |
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| 7 |
What manufacturing processes are carried
out? |
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| 8 |
Is
the machinery (if any) powered solely by
electricity? |
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| 9 |
(a) What fire extinguishing appliances are
there on the premises? (i.e. number and
type) |
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(b)
How often are these serviced and by whom? |
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| 10 |
Do
you occupy the whole of the Premises? |
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If
not, what other businesses or trades are
carried on? |
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| 11 |
(a)
When are the premises left unoccupied? |
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(b)
Is a watchman employed at all times whilst
they are unoccupied and
if so, how are his rounds controlled? |
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| 12 |
How
far is the nearest full time and adequately
equipped Fire Brigade? |
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| 13 |
Please
provide the following information in respect
of adjacent Buildings: - |
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(a)
Construction |
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(b)
Occupation |
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(c)
Separation from your premises |
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following questions should be answered by
all Proposers by deleting either "YES"
or "NO". If the answer is "YES",
please give the fullest possible details
in the space provided. |
| 1 |
Are there any other Consequential Loss insurance
in force in respect of the same property?
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| 2 |
Is
any of the property especially liable to
damage by any of the perils to be insured
against? |
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| 3 |
Have
you ever sustained a loss at these or any
other premises by an of the perils to be
insured against ? |
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| 4 |
Has
any insurer ever cancelled or refused to
renew any insurance, declined to insure
you, or required special terms or conditions? |
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| 5 |
Do
you wish to cover any financial loss you
may incur following any interruption caused
by the insured perils at:
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Premises
of suppliers? |
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Premises
of customers? |
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Premises
where your property is stored? |
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Premises
of principal electric / gas / water suppliers? |
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| 6 |
Do
you require any other extensions to your
cover? |
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Additional
Perils
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Do
you require any other extensions to your
cover?
If your Fire policy covers you for additional
perils you may similarly extend your Consequential
Loss policy. Please tick the perils required.
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Growth
/ Inflation Guide
It
is important when calculating the sums
to be insured that you allow for INFLATION
and FUTURE GROWTH of your business. The
following Guide is designed to assist
you to complete the sums insured section
overleaf.
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Annual Rate
of Inflation/ Growth %
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1 Years
%
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2 Years
%
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3 Years
%
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4 Years
%
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5 Years%
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10
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110
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121
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133
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146
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161
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11
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111
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123
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137
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152
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169
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12
|
112
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125
|
140
|
157
|
176
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13
|
113
|
128
|
145
|
164
|
185
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14
|
114
|
130
|
148
|
169
|
193
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|
15
|
115
|
132
|
152
|
175
|
201
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16
|
116
|
135
|
157
|
182
|
211
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17
|
117
|
137
|
160
|
187
|
219
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18
|
118
|
139
|
164
|
194
|
229
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19
|
119
|
142
|
169
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201
|
239
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20
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120
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144
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173
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208
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250
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25
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125
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156
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195
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244
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305
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30
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130
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169
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220
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286
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372
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35
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135
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182
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246
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332
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448
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40
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140
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196
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274
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384
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538
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| How
to use the Guide: |
| 1 |
Fix the rate of growth / inflation by adding
together:
• Your estimate of the annual rate of inflation
• The annual level of real growth anticipated
in the business, ignoring the effects
of inflation. |
| 2 |
Fix the number of years by adding together:
• The length of the indemnity period
•
One year for the current period of insurance
•
The period since the end of the financial
year covered by the last accounts.
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| 3 |
Refer
to the table to find the correct percentage
an apply this to the appropriate annual
Gross Profit figure. |
| 4 |
For
Wages and salaries the same procedure is
followed, although of course calculations
should be based on the anticipated average
percentage increases in Annual Wage roll. |
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Note:
Do not be afraid of selecting too high a
sum insured. At the end of each year of
insurance we ask for a declaration of the
actual trading figures for that year. If
it is found that the sum insured selected
has been to high, a rebate of 50% of the
premium paid will be allowed. |
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Sums
to be Insured.
Indemnity Period
Please state the maximum period, which would
be needed for the business to return to
full earning capacity following a major
fire |
months, |
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Item
1. Gross Profit
This should be calculated as follows:
(a) Net Profit(for last financial year)
Less: any Dividents recieved &/or any
rent recieved Total(a)
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Plus
(b)Standing Charges
(i.e. those expenses which will still have
to be paid regardless of any reduction in
turn over) |
Amount
last financial year |
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Rent |
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Rates |
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Electricity,
Gas and Water |
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Other
fuel and heating costs |
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Maintenance
of buildings, plant and motor vehicles |
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Depreciation
on buildings, plant and motor vehicles. |
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Office
and Trade Expenses |
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Loan
interest |
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Bank
Charges |
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Taxes |
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Hire
Purchase payments. |
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Duties
and Licenses |
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Donations
and Subscriptions |
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Insurance
Premium |
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Auditors'
and Accountants' Fees |
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Legal
Charges |
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Bad
Debts reserve |
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Salaries
(incl. Insurance contributions) |
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Director's
Fees |
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Pensions |
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Salesmen's
commission |
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Wages
(incl. Insurance contributions, bonuses,
holiday pay, etc.) if insured as a standing
charge |
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Other
charges (not specified above) |
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(a)
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(b)
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(c)
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If
required, you may include an additional
amount for miscellaneous standing charges,
upto 5% of the above specified charges. |
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Total
(b) |
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ANNUAL
GROSS PROFIT for the purpose of the policy
for the last financial year, i.e. Total
(a) plus Total (b) |
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Where
an Indemnity Period of more than 12 months
is selected the Annual Gross Profit figure
should be increased proportionately to: |
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Gross
Profit figure should then be increased to
allow for anticipated growth and inflation
over the whole of the chosen Indemnity Period
(please refer to Guide overleaf) to provide
a realistic GROSS PROFIT SUM INSURED
of: |
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Item
2. Wages and Salaries
(if not insured as Standing Charges)
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The
sum to be insured is the total Annual Wage
roll (including insurance contributions,
bonuses, holiday pay, etc.)
Where the Indemnity Period of more than
12 months is selected the Annual Wage roll
should be increased proportionately to
The figure should then be increased to allow
for anticipated increases and inflation
over the whole of the chosen Indemnity Period
(please refer to Guide overleaf) to provide
a realistic WAGES SUM INSURED of |
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B.
If DUAL BASIS wages cover is required |
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(i)
How many weeks are to be covered 100% |
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(ii)
What percentage is to be insured for the
remainder of the Indemnity Period? |
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Item
3 Auditor's Charges
To cover the COST OF AUDITORS producing
and certifying details required in connection
with a claim: |
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