Property Performance is a sophisticated property damage and business interruption insurance product for high quality, medium to large sized risks across multiple industrial sectors. It offers outstanding benefits to clients and their brokers.
Underpinned by outstanding coverage and world class loss prevention engineering, it's designed to make your claims process as smooth as possible and help minimize interruption to your business operations.
Client choice of cover - to maximize business continuity
Property Performance gives clients greater flexibility after a business interruption loss by allowing them to select the most favourable basis of cover. Cover on a gross profits basis covers loss of business income up to the maximum period of indemnity. Cover on a gross earnings basis covers loss of business income up to when the property is repaired and the business can resume operation. The most favourable basis of cover depends on the individual loss scenarios. To ensure your client gets the benefit of this, we undertake both calculations and pay the greater of the two amounts.
When is cover on a gross profits basis advantageous?
After a loss, repairs are completed quickly and the business resumes operations but there is an ongoing loss of business income, as it takes time to recover sales lost to local competition. In this situation, a gross profit basis of claims settlement, covering loss of business income up to the maximum indemnity period may be beneficial to clients.
When is cover on a gross earnings basis advantageous?
After a loss, repairs take longer than the indemnity period. This can be the case after a local catastrophe creates difficulties sourcing labour and materials, or there may be delays when the premises are not owned and controlled by the insured. In these situations, cover on a gross earnings basis up to the point where the property is repaired may be beneficial.