The Consequential Loss Insurance is offered only and exclusively as complementary to Fire and Special Perils Insurance and provides cover to the insured in respect of Loss of Gross Profit caused by partial or total interruption of his business, subject to such interruption arising from an insured peril for which cover is provided under the Fire and Special Perils Insurance. In addition, the indemnity in relation to the Consequential Loss Insurance is only provided to the insured on the condition that a claim has already been submitted for material damage under the Fire and Special Perils Insurance and, such has been admitted by the Company.
The insurance cover relates to Loss of Gross Profit which arises as a result of interruption or reduction of turnover of the insured’ s business and includes:
a) The actual loss of gross profit
b) Additional expenses incurred by the insured solely and exclusively for limiting the period of business interruption
c) Fees payable to an independent professional accountant for the purpose of preparing the submission of claim on behalf the Insured.