Machinery Loss of Profit( MLOP)

MACHINERY LOSS OF PROFIT INSURANCE
Damage to plant and machinery or boiler explosion at your premises may also interrupt your business operations. This often results in the reduction of turnover/output and can have a direct impact on your profits.
Our Machinery Loss of Profit insurance.
provides coverage for such consequential loss suffered by the insured as an inevitable consequence of accidental breakdown of any plant and machinery or Boiler explosion as covered under the Machinery Breakdown / Boiler and Pressure Plant Policy

What's Covered
Machinery Loss of Profit insurance covers
1.Loss of gross profit due to reduction of turnover/output
2.Increase in the cost of working:the additional expenditure necessarily and reasonably incurred for the sole purpose of avoiding or diminishing the reduction in output

The basic requirement is that the loss of gross profit and/or increase in the cost of working has to be a consequence of the damage due an insured peril under the material damage policy.

What's Not Covered
Any loss/damage to the vehicle and/or its accessories will not be covered if caused by any of the following events:

1.War or war-like operations, nuclear reaction, radiation or radioactive contamination
2.Willful acts or gross negligence on your or your representatives part
3.Loss or damage caused by any faults or defects existing at the time of commencement of insurance which ought to have been or were known to you and not disclosed
4.Any restriction on reconstruction or operation imposed by any public authority
5.Alterations improvements or overhauls being made while repairs or replacements of damaged or destroyed property are being carried out
Additional Covers
6.The Machinery Loss of Profit insurance can also cover the following:

Additional Covers
Wages
Auditor's fees