Declaration · sub-limits · waiting period
Business interruption insurance for medium-sized and large companies through Chubb
For larger businesses, business interruption cover is no longer a standard product. The cover is built around your own figures, your critical installations and the dependencies in your chain.
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Deze pagina in het Nederlands: Bedrijfsschadeverzekering voor middelgrote en grote bedrijven via Chubb.
The calculator and the quote form below are in Dutch. Prefer to do this in English? Email info@finassverzekert. nl or call 072 - 509 24 56 and we will take it from there.
Work out for yourself what it would cost.
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- We compare the offerings of several insurers
- An adviser checks whether the cover suits your activities
- We arrange the switch, including cancellation
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
Finass acts as an independent intermediary and compares several insurers. We use Chubb for businesses where a standard SME package no longer fits: several locations, capital-intensive installations or a turnover that cannot be captured in one template. In this segment the process begins with a declaration of the annual output per location, supported by annual figures, and usually with a risk survey on site. The outcome determines not only the premium, but also which prevention measures appear as conditions on the policy schedule.
Where the SME policy works with a single sum insured, a programme for larger businesses works with a series of sub-limits: a limit for dependence on suppliers and customers, a limit for obstructed access to your site, a limit for failure of a utility connection and sometimes a limit for damage at a subcontracted processor. Each of those extensions is capped separately. The question when comparing is therefore not whether something is covered, but up to what amount and on what condition.
The excess here is often not an amount but a waiting period: the first days after the loss remain for your own account. In a continuous process that weighs heavily, because those first days are the most expensive. Machinery breakdown without fire does not fall under the fire trigger and calls for machinery breakdown cover with a business interruption module of its own. The broader technical variants are set out under engineering insurance. You can read the basic structure on the hub page.
This page deals with one situation. The full overview is on Compare business interruption insurance.
What to look out for
Four points that determine the size of the payment in this segment.
The declaration is a condition of cover
The annual output you declare is the basis for both premium and payment. If reality differs, proportionate reduction follows. Many programmes therefore have a provisional premium with adjustment afterwards and a margin above the declaration. Record who supplies the declaration each year and make sure that acquisitions, new lines and new locations are reported at once.
Chain dependence has to be named
A standstill because a supplier burns down is covered only where that party is stated in the policy. A generic description is usually not enough: insurers want to know which location it concerns. If that declaration is missing, there is no damage to your own property and therefore no cover, however large your loss.
Prevention clauses after inspection
An inspection is often followed by guarantees: a working sprinkler installation, periodic inspection of electrical installations, a hot work procedure or a ban on storage against the outside wall. Those are not recommendations but conditions. If a warranty is not met and that is connected with the loss, the payment can be reduced or refused.
Exclusions at programme level
As standard, the cover does not include damage with a cyber cause, infectious diseases and government closures, penalties and contractual damages payable to customers and loss of market share after the indemnity period ends. War risks and nuclear reactions are excluded as well. You insure digital interruption separately through cyber insurance.
What does your premium depend on?
- Annual output declared per location: the spread counts, not only the total
- Indemnity period: often eighteen to thirty-six months
- Waiting period or excess: in days for continuous processes
- Outcome of the risk inspection: the level of prevention feeds straight into the premium
- Concentration of value: one hall holding the whole production is the most expensive scenario
- Sub-limits chosen: dependence, access and utilities
Insurers weigh these details differently. That is where your saving is.
What is covered
| Situation | Business interruption cover | Machinery breakdown with a downtime module |
|---|---|---|
| A fire in the production hall brings two lines to a halt for two months | Yes | No |
| The main shaft of your press installation seizes, without fire or any external cause | No | Yes |
| A storm lifts the roof off the despatch area and production stops for five days | Yes | No |
| A failure at the network operator leaves your site without power for a day | Provided that | No |
| After an accident next door the police close the access road and your lorries cannot get in or out | Provided that | No |
| Your largest customer goes bankrupt and the turnover falls away from one month to the next | No | No |
Business interruption cover follows the material damage. If there is no covered damage to property, there is no payment for the standstill either.
Frequently asked questions
This is what people ask us most.
What is a waiting period and why do businesses choose one?
With a waiting period you carry the loss of the first days yourself and the payment starts after that. That lowers the premium, because short interruptions stay outside the policy. For a business that can absorb a day of standstill itself that is sensible. For a continuous process with high daily costs it is not. Work the difference through with your own daily turnover.
Why does the insurer want to inspect my site?
Because with larger risks the loss experience varies too much to assess on figures alone. An inspector looks at compartmentation, firefighting provisions, storage of flammable substances, electrical installations and the way maintenance is organised. The recommendations often come back as conditions on the policy, with a period within which you have to carry them out.
Can a long delivery time for machines be insured?
You do not insure the delivery time itself, but you can set the indemnity period to match it. With installations having a delivery time of more than a year, a period of twelve months is by definition too short. Some businesses also keep critical spare parts in stock; insurers reward that, because it measurably shortens the standstill.
How is the loss assessed after a large fire?
By a loss adjuster who, working with your records, calculates what the result would have been without the damage, corrected for market and seasonal influences. The savings during the standstill are set off as well. Keep your figures and order book available; in this segment the quality of your records determines how quickly the assessment is completed.
Read more
Within Bedrijfsschadeverzekering
- Bedrijfsschadeverzekeringthe main page
- Chubb zakelijk bedrijfsschadeverzekering multinationaal opererende bedrijven
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- Avero achmea zakelijk bedrijfsschadeverzekering overig
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