Insurance against risks connected with damages caused by business interruption
Damage or loss of property required for commercial operation may entail full or partial cessation of enterprise activities (business interruption). Meanwhile, the anticipated profits can be received in part or not received at all.
This program secures against financial implication caused by property damage and guarantees enterprise financing during full or partial idleness.
The Insurer provides this insurance coverage only in combination with property insurance against fire and other risks.
Insured event
Insured event is interruption of business of the Insured, i.e. non-receipt of expected gross income by the Insured or deficiency of gross income due to the capacity reduction or a full stop of production activities caused by damage or destruction of property required for production activities.
We indemnify:
- deficient after-tax profit (net profit) for the period of business interruption;
- constant expenses (basic salary, taxes and duties, rental expenses, interest on credits and loans, amortization, public services, other fixed costs).
Amount insured
The amount insured has to correspond to gross output income from sales of products (goods, work, services), which the Insured can earn in nonstop production, over the period equal to 12 months.
Insurance premium
The amount of the insurance premium depends on the type of the company’s operation, type of property insured against fire and other risks, time deductible and indemnification period.
Indemnification period
The indemnification period is established as the Parties agree. According to this period, the Insurer undertakes to pay possible expenses of the Insure for the period of business interruption under the terms and conditions of the insurance agreement (as a rule, this is a period between 1 and 12 months proceeding from the highest time expenditures for recovery or replacement of the damaged property required for production).
Franchise
Time deductible is established as the Parties agree. Time deductible is a period of time from the beginning of business interruption, within which the Insured may incur losses connected with business interruption. These damages shall not be indemnified by the Insurer. Minimum time deductible is 7 business days.
If you are interested in our offer and for detailed information please contact us at: 0-800-500-272
Allianz Ukraine Benefits
- The Company’s stability and reliability, which are ensured by the Company’s insurance reserves, reinsurance protection, as well as unique experience and knowledge of our staff.
- The scope of Obligatory reinsurance agreement under agreements on insurance of property and technical risks of Allianz Ukraine, concluded with Allianz SE, is USD 60,000,000.
- Reliability rating ÀÀ for Allianz SE Group according to Standard and Poor’s.
- Immediacy and efficiency while settling terms of insurance and making an insurance agreement.
- Assistance with risk evaluation and selection among insurance programs satisfying personal demands of every customer at most.
- Flexible rates and discounts system depending on the specific activities of the Insured and collateral factors being crucial for the risk level evaluation.
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