GENERAL KNOWLEDGE

Detailed explanation-1: -Extra expense insurance is a form of commercial insurance that pays for a policyholder’s additional costs while recovering from a major disruption. Extra expense insurance coverage applies to the period of time between when a business is forced to close temporarily and when it has been restored to normal operation.

Detailed explanation-2: -Business Income and Extra Expense insurance (BIEE) provides coverage when your business shuts down temporarily due to a fire or other covered loss. It helps replace your income and covered expenses like rent, payroll and other financial responsibilities while your property is being repaired or replaced.

Detailed explanation-3: -If your company has to vacate its premises because of a disaster-related damage, we protect your loss of income. The policy also covers operating expenses, like electricity, that continue even after your business is interrupted.

Detailed explanation-4: -Material Damage cover insures you against damage or accidental loss to your physical assets, including your buildings, contents, plant and equipment, fitout and stock. Business Interruption cover enables your business to continue trading following the impact of this loss or damage.