Full Policy Review
It is very important for both households and businesses to ensure that they are adequately insured for any loss that may occur. We can review your current policy and ensure that you are adequately protected. All too often following a large loss, companies realise that their buildings, plant and equipment, stock, or business interruption policies were totally inadequate to compensate them for the level of damage that occurred. Companies are in business to make profit – insurance is necessary to protect that profit. A Consequential Loss Policy protects the Gross Profit Figure as defined in the policy. Companies as far back as the late 1790’s were aware of the importance of insuring business profits, however it was not until accounting records were kept in a more universal type fashion that this type of insurance fully developed.
Insurance on buildings and contents does not extend to include future profit. When a fire destroys a factory it not only deprives the company of the value of the factory but also takes away the chance of earning the profit which may have been earned had the factory not been destroyed. Always remember not all expenses cease following a fire – the standing costs continue as before and in actual fact, additional costs may be incurred. Business Interruption policies provide compensation against potential losses. They provide protection against revenue losses that arise within the indemnity period as specified in the policy.
Interruption Insurance is all about the intangible future earnings of a company. In today’s economy it is essential that a major loss such as a fire has the least possible effect on the eventual survival of a company. There are many factors outside the hands of management that can ruin a company. The best possible insurance protection against the effects of a major loss should be put in place, a consequential loss policy that is regularly reviewed in the light of trend, growth and development of a company.
The company’s Insurance Broker should also be kept fully informed as to the company’s requirements. It should never be a surprise to a company that they were not adequately insured in this entire area. Business in general operates within a sea of difficulties and problems – all possible safety lines should be well secured in the difficult waters that may be ahead. To ensure that you have the appropriate cover with your insurance policy N.J. Carroll & Associates will review your current policy and evaluate it with regards to your actual needs. Contact us to find out more.
N.J. Carroll & Associates Ltd are regulated by the Central Bank of Ireland. Our Financial Regulator Certificate number is C41330. Niall Carroll is a member of the Society of Chartered Surveyors and the Royal Institute of Chartered Surveyors. We are also a member of the Irish Claims Consultants Association.