Loss of Profits Insurance Dubai by The Oriental Insurance Co. Ltd

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  • Al Wasl Bldg no R 118, 3rd floor, office #303, Bank of Baroda Building, Back Side Entrance, Near Bur Dubai Abra Station, P.O. Box 478, Dubai, United Arab Emirates
  • +97143538688
  • customercare@oicgulf.ae
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Loss of Profits Insurance in Dubai UAE – The Oriental Insurance Co. Ltd Contact Details, Telephone Numbers, Website, Address, Location Map, Direction, Photos, Videos, Opening Hours, Email Address, Sale Promotions, Offers & Deals.

The Oriental Insurance Co. Ltd

Address: Al Wasl Bldg no R 118, 3rd floor, office #303, Bank of Baroda Building, Back Side Entrance, Near Bur Dubai Abra Station, P.O. Box 478, Dubai, United Arab Emirates
Tel: +97143538688
Fax: +97143531722
Email: customercare@oicgulf.ae
Website: www.oicgulf.ae

Loss of Profits Insurance Dubai by The Oriental Insurance Co. Ltd

Loss of Profits Insurance Dubai by The Oriental Insurance Co. Ltd – Loss of Profits policy is intended to cover loss of “Gross Profit” following material damage as a result of fire, lightning, storm, hurricane, earthquake, volcanic eruption, flood, impact damage, etc (or other insured peril) at your premises.

This policy operates only when there is an admissible claim under the property material damage policy (Fire or PAR Policy )issued by us.

Subject to certain limitations, this includes additional expenditure which is incurred for the sole purpose of avoiding or reducing a reduction in turnover.

Product Details
In simplest terms the Business Interruption Policy is designed to restore the business to the same financial position as if the loss had not occurred.

To obtain Loss of Profits, it is always essential that you have a Material Damage policy in force, covering your premises for the same period.

The business must be interrupted due to happening of an insured peril, beyond the time excess applicable under the policy. The interruption period starts from the date of the loss and extends to when the business’s turnover and profit levels are back to where they would have been but for the loss. There is a limit set on this interruption period and termed as the ‘Indemnity Period’ which is chosen when the cover is taken out and is recorded in months.

1) You must maintain proper records of raw materials / stocks, production, sales and income for atleast 2-3 years to ascertain your turn-over, costs and profits made. Such records should be substantiated by a duly audited balance sheet for the previous year/s.

2) You are required to insure the GROSS PROFITS (GP) on the basis of previous years or on the basis of PROJECTED profits for the year, if your business is newly established. The GP shall include the following components:
a) All standing charges –such as staff salaries and cost, rents, government and other departmental fees, interest on loans, bank charges etc. etc.
b) Net profit made after off-setting the standing charges.
c) Increased cost of working, if any.

For assessing Loss of Profits and Actual Financial Loss, the following are taken into consideration :
a) Reduction in Turnover as compared to same period in the previous year.
b) Proportionate standing charges incurred during the period of interruption.
c) Increased cost of working.
d) Net Profits lost.

Some of the Exclusions are as below :
1. Willful negligence of insured.
2. Spoilage of raw material by other causes.
3. Restrictions imposed by Legal Authorities.
4. War and Allied Perils including nuclear risks.
5. Intangible losses such as loss of goodwill, loss of contracts and customers etc. etc.

The Oriental Insurance Co. Ltd

The Oriental Insurance Co. Ltd – The Oriental Insurance Co. Ltd. was incorporated in India in 1947. During this period of over 65 years the Company has grown from very humble origins to one of the giants in the field of General Insurance business in India and abroad. The Company has come to occupy a place of pride as a provider of not only General Insurance services but also Technical Expertise through a vast force of employees which include a technically qualified personnel such as Engineers and Risk Managers. We offer the finest insurance products and services to our clients and the creedo of the ‘Oriental’ is “CUSTOMER FRIENDLY” and “SECURITY WITH SERVICE”. The Company is owned 100% by Govt. of India and provides sovereign security. For further details, please log on to the company’s website www.orientalinsurance.org.in .

In UAE the company operates through a Chief Agency of “ARMAB INSURANCE WORKS LLC” since 1960. The spell of over 54 years in UAE market, particularly Emirate of Dubai bears a testimony to the faith reposed by our clientele in our security of services.

We are also providing support to other companies operating in GCC states by way of Facultative Re-Insurance on various risks due to our vast underwriting capacities and financial strength.

Our Vision
To be the most respected and preferred non-life Insurer in the markets we operate.

The Oriental Insurance Co. Ltd

Address: Al Wasl Bldg no R 118, 3rd floor, office #303, Bank of Baroda Building, Back Side Entrance, Near Bur Dubai Abra Station, P.O. Box 478, Dubai, United Arab Emirates
Tel: +97143538688
Fax: +97143531722
Email: customercare@oicgulf.ae
Website: www.oicgulf.ae

Loss of Profits Insurance Dubai by The Oriental Insurance Co. Ltd Dubai UAE | Loss of Profits Insurance Dubai by The Oriental Insurance Co. Ltd Contact Details, Reviews, Location Map, Telephone Number, Address, Working Hours, Photos & Videos of Loss of Profits Insurance Dubai by The Oriental Insurance Co. Ltd in Dubai UAE. Find Loss of Profits Insurance Dubai by The Oriental Insurance Co. Ltd in Dubai business directory with contact details, telephone numbers, email addresses, websites, location maps, driving directions, deals, offers, prices, costs, reviews and ratings.

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