Temporary accommodation · keeping going · practices
Additional costs insurance through De Goudse
For organisations whose income simply runs on after a fire, the problem is not the loss of turnover but the bill for the emergency plan: temporary space, hired equipment and extra transport.
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Deze pagina in het Nederlands: Extra kostenverzekering via De Goudse.
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A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
This cover pays the additional costs with which you continue your work after an insured event has damaged your premises or fit-out. Think of hiring replacement space, fitting out an emergency location, hiring equipment, longer travelling distances for staff, extra transport and subcontracting work you normally do yourself. So the policy looks not at what you lose, but at what it costs you to prevent that loss. Finass acts as intermediary here through De Goudse among others and compares that offering independently with more than thirty other insurers.
This cover suits organisations whose income does not depend directly on the location: an accountancy or law firm with continuing contracts, a care or dental practice with a fixed patient base, a foundation or association with grants and membership fees, or a landlord whose rent runs on. If your turnover does depend on the visitors or on production at that one place, business interruption insurance is the policy to take, or a combination of the two.
The structure is otherwise comparable to business interruption cover: there must be covered material damage to the building, contents or stock, a sum insured applies and there is a indemnity period within which the costs must fall. Only the basis differs. You estimate the sum insured by actually working the emergency plan through: which space would you hire, where, at what price, for how long, and what does it cost to be able to work there. The general background is on the page about additional costs insurance.
This page deals with one situation. The full overview is on Compare business interruption insurance.
What to look out for
Four points that determine whether this cover works for your organisation.
Only costs that limit the loss
What is paid are the costs reasonably needed to continue the business. A move to a more expensive location than necessary, or taking the damage as an opportunity to renew or expand, falls outside. Discuss large outlays with the loss adjuster in advance; anything you commit to without agreement can afterwards be treated as unnecessary.
No fall in turnover insured
If your turnover falls despite all the emergency measures, this policy does not pay for that loss. That is the domain of business interruption insurance. Organisations that both incur additional costs and lose turnover need both sections; they are then put on the same policy schedule with amounts of their own.
Period and records
Costs you incur after the indemnity period ends remain for your own account, even if the damage has not been resolved by then. Keep the additional costs incurred separately in your bookkeeping, with invoices and lease agreements, because payment follows on the basis of costs actually incurred and evidenced and not on the basis of an estimate.
What does not count as a covered cause
Without material damage there is no cover. That puts outside the policy failure of internet, power or telephony on the public network, a cyber incident or ransomware, a closure by order of the authorities and the loss of a key member of staff. Penalties and contractual compensation payable to clients are excluded as well, as is loss caused deliberately under Article 7:952 of the Dutch Civil Code.
What does your premium depend on?
- Sum insured for additional costs — derived from your emergency plan
- Indemnity period — how long you have to be able to keep working elsewhere
- Type of organisation — practice, office, foundation or landlord
- Availability of fallback space — in a tight market an emergency location costs more
- How specialised your equipment is — medical or technical fit-out is expensive to hire
- Construction type and loss prevention at the premises — determines the likelihood of the damage that triggers the cover
Insurers weigh these details differently. That is why comparing pays off.
What is covered
| Situation | Additional costs | Business interruption |
|---|---|---|
| After a fire, your law firm rents office space further along the street for three months | Yes | Provided that |
| Your dental practice hires a mobile treatment unit until its own practice space has been repaired | Yes | Provided that |
| Patients move to a colleague during the repairs and your turnover falls | No | Yes |
| Your staff drive forty kilometres to the emergency location for months and claim those kilometres | Yes | Provided that |
| A supplier of yours burns down, so that you have to buy in at a higher price for a time | No | No |
| Your paper file archive is lost and you have the documents reconstructed externally | Yes | Provided that |
On the left is what you spend to be able to keep working, on the right what you lose because the work is at a standstill.
Frequently asked questions
The questions we are asked most often about this.
When do I choose this instead of business interruption cover?
When your income runs on after an incident because it comes from contracts, subscriptions, grants or rent, and your problem lies mainly in the money you have to spend to carry on somewhere else. If your turnover does fall because customers have to be with you physically, this policy covers the wrong risk. We test that against your operating figures.
Do duplicated rent costs fall under the cover?
Yes, the rent of a temporary location is a typical additional cost, even if the rent on the damaged premises runs on. The condition is that it is a reasonable solution for the duration of the repairs. Fitting out that emergency location can count as well, provided it goes no further than is needed to continue the work.
Is hiring replacement equipment insured too?
Usually yes, as long as the equipment is needed to keep working and your own equipment has become unusable through the covered event. Replacing it by purchase is not: that is property damage and belongs with the contents or electronics cover. With specialist equipment, watch the delivery time for hire equipment, because that determines how long you can do nothing.
Does the cover also apply to damage in premises I rent?
Yes. For this policy what counts is that there is material damage to property whose loss affects your business, not who owns the premises. It is sensible, though, to record within what period the landlord will repair, because otherwise you stay at an emergency location longer than your indemnity period allows. You insure your own tenant's improvements separately.
Read more
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