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.
With IUA Business Interruption Insurance, your clients will enjoy:
Our superior policy wording helps meet the expectations that your client’s have on the responsiveness of their BI Policy.
A simple claims formula based on Loss of Turnover.
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.
Our agreed Rate of Insured Gross Profit formula means that we do not make deductions of overhead savings.
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.
Even if it turns out your client is underinsured, we’ll still pay 100% of the agreed benefit.
We offer optional standalone cover for property owners (provided they have material damage cover in force).
We include cover for interruptions caused by damage to registered vehicles, plant and equipment, and/or trailers whilst at the premises.
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 independent loss adjusters who understand our product – and know how it can work best for your clients.
We cover interruption caused by failure of public utilities including power, water sewerage and communications – up to $1 million – without a waiting period.
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.
Cover for interruption caused by infectious or contagious diseases; vermin, pests, defective sanitary arrangements, murder and suicide up to the full policy limit.
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 when damage to a suppliers’ and /or customers’ premises has a flow-on impact to your client’s business profits.
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.
We cover the costs that your client needs to pay while their business is out of action, including:
In certain situations, we can customise our Interruption Insurance cover to meet the needs of particular clients. This may include adding cover for:
* Amounts paid for Additional Benefits will not exceed any limits or sub-limits of liability as per the Insured’s Policy Schedule.