Consequential Loss Insurance

NICOL Insurance Services > Consequential Loss Insurance

Looking for some investments that will help you to cope up with any challenging times in your business, where required? If so, then you are on the right landing page!

As from helping the business to cover all the direct damages from property to turnover reduction, layoffs, and fire– our consequential loss insurance steps up and protects your back, no matter how tough the entire situation gets. After all, in this modern span of time, there is just no certainty of whether your booming business will continue to flourish like this or not. There is always a certain kind of tension and business insecurity.

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Our Consequential Loss Insurance includes

Business turnover reduction
Fire
Belt-tightening and layoffs
Spoilage
Exceptional circumstances

This protects the insured against

Damages caused due to any property losses, fire, or other perils
Physical damages to any crucial machinery equipment
Covers for lost business revenues
Provides coverage for secondary damages, and tangible and intangible properties.

Why Choose US

Anything can happen at any moment in life. Such as, you are currently running a smooth business, but suddenly, due to some unexpected incidents, your business turnover goes down. Well, worry not! As we are right here to the rescue by giving all sorts of financial support, you need in this most uncertain situation.

From securing your liability to allocating your risk – our consequential loss insurance policy comes with all sorts of benefits to make your life easy and comfortable on the go.

So, if you want to safeguard your business, now is the time to do some crucial investments!

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why-choose-us-for-consequential-loss-insurance

Frequently Asked Questions

Have a look at the below most asked queries relevant to consequential loss insurance:

1. When can you claim a consequential loss?

You can only claim a consequential loss if the paying party knew or have known of such a fact when the contract was made. This kind of consequential loss is, therefore, by definition exceptional and frequently irreparable.

2. Why is consequential loss important?

Consequential loss is seen as a crucial component when it comes to managing contractual liability and the division of risk among contracting parties. From protecting business profits to covering profit loss owing to a sudden decrease in turnovers – they can play quite a big role.

3. What is the difference between direct loss and indirect or consequential loss?

Direct losses are the effects of a disaster that are either physical or structural. Such as the devastation of infrastructure brought on by strong winds, water, or ground tremors.

On the other hand, the losses from business disruption are considered an indirect consequence. That is, they are the follow-up or secondary repercussions of the initial destruction. For instance, financial losses from business interruption, etc.