Business Interruption Insurance Thailand
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What is Business Interruption Insurance ?
Business Interruption Insurance refers to the insurance policies that fall under property insurance, such as fire insurance, risk insurance, and all types of insurance that cover loss or damage to insured property. When loss or damage occurs to an insured property, the insurance policyholder will receive compensation for the value of the property that was insured, as specified in the policy agreement. Business interruption insurance is another type of insurance that provides coverage for loss of income (revenue of the policyholder)when a business must temporarily close. This is due to the loss or damage of the insured property, which affects the policyholder's ability to conduct business as usual.
This insurance is intended to help policyholders return to their previous financial status as if no risk or other type of loss had occurred that was covered by the insurance policy.
Business interruption insurance policies typically cover operating expenses, such as rent, employee wages, and other fixed expenses. The duration of coverage varies depending on the policy and the specific circumstances of the loss or damage. This insurance coverage helps businesses recover from unexpected events and provides financial security during the period of interruption.
Who should buy Business Interruption Insurance ?
Business Interruption Insurance is suitable for businesses that rely heavily on their physical location or have high fixed costs, such as :
- Restaurants
- Retail stores
- Manufacturing plants
- Professional services firms
- Businesses located in disaster-prone areas
Business Interruption Insurance is something to consider for businesses looking to protect themselves from unexpected events that could disrupt their operations.
What does a Business Interruption Insurance policy cover ?
The company will provide compensation to the insured in the event of loss or damage to property used for business purposes at the insured location, as specified in the insurance policy, due to:
- Fire, excluding damage caused by explosions resulting from the fire, unless the explosion is caused by gas used for lighting or residential purposes or is caused by natural decay or spontaneous combustion of the insured property itself.
- Lightning strikes.
- Gas explosions resulting from gas used for lighting or residential purposes only, but excluding damage caused by gas explosions resulting from earthquakes.
- Additional perils specifically listed in the policy schedule during the period of coverage, including the policy renewal period, if any. These perils may result in interruption or impairment of the insured business and the Company will indemnify for actual loss or damage as shown in the policy schedule or in the terms and conditions of the business interruption insurance. During the period of loss, the Company will provide coverage for actual loss or damage to the insured property at the insured location and as a result of the perils specified.
The company's liability under this insurance policy will not exceed:
- The total amount of insurance coverage for all items or the amount of insurance coverage for each item specified in the insurance policy table during the occurrence of the loss or damage.
- The remaining amount of insurance coverage after deducting the value of the actual loss or damage incurred during the same period of insurance coverage, unless otherwise agreed by the company in the insurance policy. In such case, the insured shall pay an additional premium.
In summary, this insurance policy covers the insured's losses or damages resulting from specific hazards as specified in the insurance policy table, including loss or damage caused by fire, lightning, gas explosions, or additional hazards, that lead to the interruption or impact of the insured business at the insured location. The company will compensate the actual loss or damage based on the insurance coverage amount, subject to the limit of liability as specified in the insurance policy.
How much does a Business Interruption Insurance policy cost ?
The premium rates for Business Interruption Insurance are mainly determined by the following factors.
- Insured Amount
- Industry Type
- Business Revenue
- Length of time in business
- Disaster recovery plan
- Supplier dependencies
- Employee training programs
Interested in purchasing Business Interruption Insurance policy ?
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Why do you need to buy Business Interruption Insurance via us ?
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