Fire - Business Interuption (F.A.Q) What are the Pre-requisites for a FBI policy ? Fire Policy placed with UAL What are the Pre-requisites for a FBI claim ? - Loss/Damage should be admitted by the Fire policy - Peril should be covered by the FBI policy What does A FBI policy cover ? - Loss of Gross Profit - Additional expense incurred to reduce the canada life insurance senior life insurance loss of turnover - Perils covered are same as Fire Policy (can be selected) What are the covers unique for FBI policy ? - Accidental break-down or failure of public utilities - Denial of access - Loss/Damage to suppliers premises by a peril covered. How to calculate the sum insured ? - Additions Basis Sum Insured = Standing charges +Net Profit - Difference Basis Sum Insured = (Turnover + senior life insurance senior life insurance Closing stocks) (Opening stocks + Uninsured working expenses) What is the basis for settlement ? - Claim = Rate of gross profit x Reduction in turnover - Increased cost of working - Auditors charges What are the exceptions from a Fire policy ? - Riot & Strike are charged at the contents rate - Terrorist cover is not provided What about the Indemnity period ? - government life insurance senior life insurance If the indemnity period is greater than 12 months the annual gross profit will be proportionately increased. - If the indemnity period is less than 12 months the annual gross profit will be accepted as sum insured. - This can range from a period of 6 months to 48 months. Which are the factories, which need special consideration when underwriting ? - Tea insurance dental vision senior life insurance Factories - Rubber Factories