A large proportion of claims for Loss of Revenue/Gross Profit submitted under Business Interruption insurance policies are underinsured.
This means the amount of cover specified when arranging the cover is insufficient.
Most insurance policies reduce the Loss of Revenue/Gross Profit in proportion with the extent of underinsurance.
If your Declared Value or Sum Insured is inadequate the full loss may not be covered by the insurance policy.
We can assist you to determine an appropriate value under a Business Interruption or Consequential Loss policy. This involves discussion of the nature of your business, future trends, income streams, the behaviour of expenses and the period you need to insure.
Claim Solutions can tailor the extent of the review to your specific needs.