Insurance cover for financial losses following a fortuitous incident.
The loss of revenue that your business may incur as a consequence of material loss or damage is coverable under a Business Interruption Insurance. Although the scope of contingencies covered follows that of the material damage insurance policy, there are several extensions that may be arranged to cater for specific business interruption exposures.
Increase in Cost of Working
Compensation is provided against additional costs that your business incurs as a consequence of a material loss in an effort to minimize the ensuing potential loss of profits or revenue. This policy is generally arranged in cases where loss of profits may not necessarily directly materialize following a material loss claim, such as in the case of certain service providers.
This cover is designed to cater for the loss of revenue exposure that is faced by a new business in the event of the occurrence of material damage that delays its planned commencement of operations.
The cover provides compensation against loss of money in transit, whilst on your premises or in a bank night safe. The policy may also be extended to provide personal accident assault benefits.
This policy protects employers against financial loss resulting from fraud committed by their employees. Coverage may be arranged on named basis, on category basis or on open cover basis.
Julian Paul Caligari
Assistant Divisional Director
ACII - Chartered Insurance Broker
Frequently Asked Questions
What can be insured?
Any income or financial exposure as long as being of a lawful nature.
On what value is the property usually insured for?
This is customarily based on the estimated gross profit. This is calculated to cover the period the business can return to the same level of income prior to the loss. This period which is referred to as the indemnity period can range from one month to two years.
What is generally excluded?
Losses caused by or attributable to:
- Property Damage
- Inherent vice
- Interruption triggered by the authorities
- War and Terrorism
To effect renewal you may:
Send a cheque payable to Mediterranean Insurance Brokers (Malta) Ltd. by post
Visit our offices and talk to one of our advisors