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Tuesday, April 23, 2024

Beacon Insurance Introduces Advanced Loss of Profit Insurance for Robust Project Protection


Beacon Insurance, a leading provider of innovative insurance solutions, proudly introduces its latest offering – Advance Loss of Profit Insurance. This comprehensive policy is designed to safeguard businesses against financial setbacks caused by project delays due to insured perils.

This insurance policy is offered in conjunction with Contractors All Risk (CAR) policy or Erection All Risk (EAR) policy, ensuring a comprehensive approach to project risk management. It serves as a critical component in protecting businesses from the financial consequences of project delays caused by unforeseen events.

Key Features of Advance Loss of Profit Insurance:

  1. Compensation for Anticipated Gross Profit Loss: The policy compensates for the loss of anticipated gross profit resulting from delays in project completion caused by insured perils.
  2. Exclusions for Uninsured Perils: While providing robust coverage, the policy explicitly excludes delays caused by uninsured perils, such as clearance delays by Government/Project authority, political reasons, cessation of work due to labor-related issues, and other non-insurable risks.
  3. Submission of PERT Chart: Policyholders are required to submit a PERT (Program Evaluation and Review Technique) chart, outlining day-wise project activities. This aids in transparent communication and ensures a streamlined claims process.
  4. Cumulative Delay Calculation: At the end of the policy period, the cumulative delay due to insured perils is computed. For instance, if a project faces a 2-month delay due to a flood and an additional 1-month delay due to a fire, the claim will be calculated for a cumulative delay of 3 months.
  5. Principal Protection: The policy is availed by principals to protect against the loss of revenue resulting from project delays caused by insured perils, offering peace of mind to project stakeholders.
  6. Sum Insured: The sum insured is based on the anticipated annual gross profit, providing a realistic and tailored approach to coverage.

Marine Delay in Start-Up Insurance:

In addition to Advance Loss of Profit Insurance, Beacon Insurance introduces Marine Delay in Start-Up Insurance. This specialized policy provides coverage for the loss of anticipated gross profit due to project delays resulting from machinery damage during ocean voyages or inland transit due to insured perils.

Beacon Insurance is committed to providing innovative and comprehensive risk management solutions to businesses across industries. With these new offerings, Beacon continues its tradition of delivering unparalleled protection and support to its valued clients.

About Beacon Insurance: Beacon Insurance is a leading provider of insurance solutions, dedicated to delivering comprehensive coverage and risk management services to businesses. With a commitment to innovation and client satisfaction, Beacon Insurance stands as a reliable partner in protecting businesses against uncertainties.

For media inquiries or further information about Advance Loss of Profit Insurance and other insurance solutions, please contact Beacon Insurance at 

https://www.beacon.co.in/

Insurance is subject matter of solicitation


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