Overview

This guide explains the main features of loss of profits insurance policies, looking specifically at the practical applications when a claim under this type of policy is being considered.

Topics covered include:

• Introduction to final accounts
• policy definitions
• policy cover (gross profit, indemnity period, turnover, adjustments clause)
• policy cover
• savings in charges and expenses.

It also contains annexes that cover specimen policies, clauses and important cases.

Content

Preface to the second edition

Preface to the first edition

Chapter 1. Introduction to final accounts; variable and fixed costs

Chapter 2. The insured; the business; the premises

Chapter 3. Gross profit; indemnity period; turnover; adjustments clause

Chapter 4. Rate of Gross Profit – specimen accounts and calculations

Chapter 5. Increase in cost of working; admissible additional expenditure

Chapter 6. Increase in cost of working (continued); savings in charges and expenses

Chapter 7. The sum insured - establishing the sum insured and checking adequacy

Chapter 8. Dual basis wages; cover and specimen loss calculation

Chapter 9. Salvage sales, accumulated stocks, etc

Conclusion

Appendix A Specimen policies and clauses

Appendix B List of cases

Appendix C Precis of cases

Appendix D Specimen accounts and chart

Index

Details