|
|
|
|
- Savings of standing charges are typically deducted from settlement
|
- Savings are not deducted from the settlement
|
- Rate of Insured Gross Profit
|
- Calculated at the time of claim using a policy formula and subject to an ‘Adjustments’ clause
|
- Agreed prior to the Policy’s inception
|
- Increased Cost of Working
|
- Insured under ‘Gross Profit’
- Subject to economic limits test as well as sole purpose test of whether increased expenditure was to avoid any further reduction in turnover
|
- Included as part of Insured Gross Profit and After Loss Costs
- Not subject to economic limit test, but merely to a test of whether the additional expenditure was incurred for the sole purpose of avoiding / diminishing the reduction in Turnover
|
|
- Material damage proviso, perils exclusions and property exclusions, common to ISR Sections 1 & 2
|
- Material damage proviso
- Various listed exclusions
|
- Claims Preparation Costs / Professional Fees and Additional Increased Cost of Working
|
- Up to the sub-limit of liability for each item
|
- Not sub-limited – covered up to the total amount for Item 2 – After Loss Costs
|
- Suppliers’ and/or Customers’ Premises
|
- Generally sub-limited up to 20% or included by endorsement
- Typically involves a 48 hour time excess
|
- Automatically included – 100%
- Sub-limit of liability up to $1,000,000
- No time excess
- Anywhere in Australia and/or New Zealand
|
|
|
- Automatically included – 100%
- Sub-limit of liability up to $1,000,000
- No time excess
- Anywhere in Australia and/or New Zealand
|
- Claims Settlement in the form of weekly payments
|
- No weekly payments
- Payments to the Insured are in longer intervals
- Progress payments follow a conservative model until disruption is no longer apparent
|
- Weekly payments paid to the Insured on condition that weekly business turnover information is provided
|
- Premises in the Vicinity (Prevention of Access)
|
- Often sub-limited
- Typically involves a 48 hour time excess
|
- Automatically included – 100%
- Full policy limit
- Includes threat
- Anywhere in Australia and/or New Zealand
|
- Prevention of Access as a result of threat
|
- If available, often sub-limited with a 48 hour time excess
|
- Automatically included – 100%
- Full policy limit
- Anywhere in Australia and/or New Zealand
|
- Public Utilities Extension
|
- Generally either sub-limited, narrowly worded or included by endorsement
- Typically involves a 48 hour time excess
|
- Automatically included – 100%
- Sub-limit of liability up to $1,000,000
- Anywhere in Australia and/or New Zealand
|
- Infectious Diseases, Murder, Suicide
|
- Often sub-limited
- Typically involves a 48 hour time excess
|
- Automatically included – 100%
- Not time deductible
|
|
|
|
- Extended Indemnity Period
|
- If available, included by endorsement
|
|
- Registered Vehicles, Plant and Equipment at the Premises
|
- Typically included by endorsement only
|
|
- Property away from the Premises
|
- Typically included by endorsement only
|
|