Business interruption and additional expence insurance
Business interruption insurance compensates for lost contribution resulting from the suspension of operations, which leads to a decrease in the sales of goods or services. The insurance covers damage caused by fire, but it is also possible to add protection against water damage and burglaries.
The insurance is an addition to the property insurance (EL10). It is a condition for claiming business interruption insurance that the company has property insurance with VÍS that compensates for the damage that caused the business interruption.
It is possible to purchase additional expense insurance as an addition to the business interruption insurance, or the additional expense insurance can be bought separately. This insurance compensates for proven and unavoidable additional costs resulting from the business interruption.
The insurance covers
Compensation must be provided from the following compensation items of the property insurance:
- Fire insurance
- Water damage insurance (optional)
- Burglary insurance (optional)
Business interruption insurance
- Compensates for the insured's lost contribution margin due to a reduction in the sale of goods or services.
Additional expense insurance
- Compensates for proven and unavoidable additional costs incurred because the insured's business premises become unusable.
The insurance does not cover
- Increased business interruption or additional costs due to strikes, machinery breakdowns, etc.
- Increased business interruption or additional costs resulting from general economic downturns or changes in market conditions.
- Additional costs due to delays in resuming operations.
- Please note that the above list is not exhaustive. Further information can be found in the insurance terms.
- In case of discrepancy between this list and the insurance terms, the insurance terms applies.
Insurance terms and other information
The insurance terms is your contract with VÍS. It is important to thoroughly read the terms and understand what is covered and what is not, before purchasing the insurance.
We point out that the information document contains a brief summary of the main aspects of the insurance. Further information about the insurance can be found in the insurance terms.