ICICI Lombard Consequential Loss Insurance Policy:

When you have a huge property like a factory or an industry and you have had an unfortunate fire accident, it is not enough if you have insured your property with just the ICICI Lombard Fire and Special Perils Policy, since, this policy only covers any material damage that is caused.

But what will you do about the discontinuation of work in that area of the factory, what about the reduction in the profits?  For these losses which are secondary, and comes next, your factory or industry has to be insured by the ICICI Lombard Consequential Loss Insurance policy.  This policy covers the reduction in the turnover by the industry.

The ICICI Lombard Consequential Loss Insurance Policy states,
That it will cover the reduction in the net profit due to the break in work.  This policy will also cover the already existing expenses that are piling up due to the interruption in the work.

It will also cover expenses which occur because the workers have to work harder in order to bring out a normal turnover everyday to cut the losses of the industry.

The sum assured that any enterprise is eligible to get under this policy will depend on their gross profit which they could earn during the indemnity period.  This period is calculated from the time the accident occurs.  This period will not extend for more than three years.

Any business enterprise must buy ICICI Lombard Consequential Loss Insurance Policy, as it would be very beneficial to them at the time of unfortunate accidents which would bring about a lot of damage to property and thus hamper the enterprise from continuing its business.  This policy is indeed one of its kind and is designed completely to aid the manufacturing companies.

In the interest of the welfare of their workers definitely manufacturing companies should opt for an insurance such as the ICICI Lombard Consequential Loss Insurance Policy.  The company would flourish and the workers would feel secure and satisfied too.