The policy originally provided basic coverage for fire damage caused by lightning and fire, hence the name “Fire Insurance Policy”.
Today, the policy has been greatly extended, hence its current name: “Extended Fire Insurance”.
It is based on defined risks that are explicitly stated in the policy.
The additional risks in the “Extended Fire Insurance” policy also include:
It is important to know that additional coverage can be included in the policy for an additional premium.
The experienced team of underwriters in the “Betach Toren” business department will draw up the most appropriate policy for your business needs, including:
As a rule of thumb, property insurance policies cover direct damages only. No coverage is granted for consequential damages unless otherwise stated in the policy.
We at “Betach Toren” can expand your insurance array to cover consequential damages according to your business needs.
Appropriate coverage must be purchased within the policy framework, depending on the type of consequential damages coverage sought after. For example:
Loss of profits coverage (also known as Business Interruption Insurance) provides financial protection for consequential damages caused to the insured due to cessation of business activity due to an event covered by the property insurance policy.
This covers an actual loss incurred by the insured party during the indemnity period specified within the insurance policy for loss of gross profit.
Damages insured in the Loss of Profits Insurance Policy
Compensation for loss of gross profit due to reduced turnover and/or increased operating expenses, accountant’s salary, etc.
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