Our Product

Quality cover from the interruption experts

IUA Interruption Insurance is a standalone cover that sits alongside other business insurance, such as business packages and industrial special risks.

It protects the turnover of the business from a downturn due to interruption of trade, resulting from a range of insurable events. This means your client can recover and get back to the same financial position they were in before the event happened – protecting their business and livelihood. IUA’s Interruption Insurance can cover the loss of any sales that a business would have made whilst out of action – as well as various other costs that may be incurred in reopening the doors of a business after a difficult period.

Policy features and benefits

With IUA Business Interruption Insurance, your clients will enjoy:

Our partnerships

Industry-leading business interruption cover

Our superior policy wording helps meet the expectations that your client’s have on the responsiveness of their BI Policy.

Cover for loss of business turnover

A simple claims formula based on Loss of Turnover.

Agreed rate of insured gross profit percentage

The Policy states an Agreed Rate of Insured Gross Profit.

We provide a worksheet with every quote – so you can clearly understand and explain exactly how we’ve calculated your clients’ cover and how the claims will be settled.

No deductions of overhead savings

Our agreed Rate of Insured Gross Profit formula means that we do not make deductions of overhead savings.

After loss costs

Accounts receivable; Additional Increased Costs of Working; Claims Preparation Costs; Expediting Expenses; Increased Costs of Working; Relocation Costs; Rewriting of Records; Severance Pay; Wages and Salaries not otherwise recoverable can be lumped together and claimed up to the policy limit.

No average clause

Even if it turns out your client is underinsured, we’ll still pay 100% of the agreed benefit.

Property-owner cover

We offer optional standalone cover for property owners (provided they have material damage cover in force).

Vehicle, plant & equipment cover

We include cover for interruptions caused by damage to registered vehicles, plant and equipment, and/or trailers whilst at the premises.

Choice of indemnity periods

We offer flexible choices of indemnity periods – from 13 weeks to 3 years – so your client can match their cover to their budget and needs.

Specialised loss adjusters

Specialised independent loss adjusters who understand our product – and know how it can work best for your clients.

Public utilities – with no waiting period

We cover interruption caused by failure of public utilities including power, water sewerage and communications – up to $1 million – without a waiting period.

Friendly and personalised service

Every business is different, so we tailor our insurance solutions to suit them. One of our team can visit you and with your client, to discuss the most appropriate business interruption cover.

Vermin and disease

Cover for interruption caused by infectious or contagious diseases; vermin, pests, defective sanitary arrangements, murder and suicide up to the full policy limit.

No waiting periods

Your client is covered straight away for the full period of the interruption. So even when the interruption is short, they can still claim for loss of profit.

Cover for supplier premises

Cover when damage to a suppliers’ and /or customers’ premises has a flow-on impact to your client’s business profits.

Business interruption insurance with extra benefits

Insured Gross Profit

We calculate the payment your client will receive by using the agreed rate of Insured Gross Profit stated in the Policy Schedule, so your client knows what they can expect from the outset. This calculation is set out in our Worksheet .

Unlike some other interruption insurance products, IUA’s product doesn’t apply an average clause to under insurance. Instead, your client has the option of selecting their own limit without attracting a penalty.

After Loss Costs

We cover the costs that your client needs to pay while their business is out of action, including:

Accounts Receivable
Additional Increased Cost of Working
Claims Preparation Costs
Expediting Expenses
Increased Cost of Working
Relocation Expenses
Rewriting of Records
Severance Pay
Wages and Salaries

Capacity for tailored cover

In certain situations, we can customise our Interruption Insurance cover to meet the needs of particular clients. This may include adding cover for:

Overseas customers and suppliers
Drawcard premises
Prevention of access extended to include bushfire
Goodwill
Flood

Additional Benefits*

Public Utilities Extension
1. Sub-limit of liability up to $1 million
2. No waiting period
3. Covers land based property in Australia
Suppliers’ and/or Customers’ Premises
1. Sub-limit of liability up to $1 million
2. No waiting period
3. Covers property damage at premises of any merchant, producer or services utilsed by Insured
Vermin, Pests or Defective Sanitary Arrangements; Murder, Suicide
1. Full policy limit
2. No waiting period
Premises in the Vicinity (Prevention of Access)
1. Full Policy Limit
2. Covers loss due to restricted access by an authority resulting from property damage (actual and the threat of)
Extended Indemnity Period
Property Away from the Premises
1. For the Insured’s own property as well as property the Insured uses and is responsible for
2. Australia-wide cover
Property in Transit
1. Limited to the lesser of 10% of the maximum limit of liability or $50,000
Registered Vehicles, Plant & Equipment
1. Providing such items are at the Premises used by the Insured

* Amounts paid for Additional Benefits will not exceed any limits or sub-limits of liability as per the Insured’s Policy Schedule.

About IUA Interruption Insurance