Additional costs insurance through Nationale-Nederlanden
Some businesses lose no turnover in a fire, but have to dig deep to keep going. For them the problem is not lost profit but the additional cost.
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In brief
Additional costs insurance pays the additional costs you incur in order to keep working after covered material damage: a temporary office, hired equipment, subcontracting to a fellow business, extra transport, overtime and the move out and back. These are outlays you would not have had without the damage. Finass acts as intermediary here through Nationale-Nederlanden among others and sets that offering alongside those of other insurers; we are tied to no company. The general explanation is on additional costs insurance.
The choice between this policy and ordinary business interruption insurance depends on your business model. A consultancy, an IT service provider or an accountancy office can carry on elsewhere with laptops the day after a fire. The turnover runs on, but the costs shoot up. A shop or restaurant loses turnover straight away and needs the gross profit version. For office situations, business interruption cover for offices is a useful comparison.
Two limits matter. The costs must be reasonable and necessary and connected with continuing the business, and there is almost always a savings rule: expenditure that the damage means you no longer have to make is deducted from the payment. If you hire emergency space while the rent on the damaged premises has been suspended, only the difference counts.
This page deals with one situation. The full overview is on Compare business interruption insurance.
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Business interruption insurance
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Get coveredWhy arrange it through Finass Verzekert?
We look at the terms as well as the premium, and stay your point of contact when there is a claim.
Independent
We are not tied to one insurer and compare on the basis of an objective analysis of several companies.
One fixed adviser
You call or email someone who knows your file. No menu options, no changing call centres.
Switching without hassle
We cancel your old policy and align the start date, so you are never a day without cover.
Help with claims
We report the claim and monitor how it is handled. In urgent cases you can reach us on the emergency line.
What to look out for
Four points that determine which part of your additional costs is actually paid.
Only additional costs, not normal running costs
Costs you had anyway, such as salaries and subscriptions, fall outside this policy; they belong on business interruption or operating costs cover. What is paid is the difference between your normal level of costs and what you are now spending extra. So from day one keep the additional costs separately in your bookkeeping, with invoices and quotations.
No improvement at the insurer's expense
Replacement equipment that is better or newer than what you had is not automatically paid in full. The same applies to an emergency location you then keep permanently. The policy restores the position, it does not fund expansion; Article 7:960 of the Dutch Civil Code lays that principle down in law.
The material damage condition applies in full
There must be damage to your building, contents or goods through an insured peril. If you incur additional costs because a data connection fails, because premises are inaccessible after an incident next door or because the municipality closes the street, nothing of yours has been damaged and nothing follows. Extensions for that exist, but have to be applied for separately.
What is not included
Excluded are, among others lost turnover and profit, penalties and contractual damages payable to clients, repair of the damaged property itself and liability towards third parties. Deliberate acts and reckless conduct stay outside under Article 7:952 of the Dutch Civil Code. Costs you incur without consulting the insurer can also be disputed.
What does your premium depend on?
- Maximum amount chosen: the limit for additional costs over the whole period
- Indemnity period: the period during which additional costs are paid
- Nature of the services: how easily you can carry on elsewhere
- Dependence on equipment: specialist machines cannot be hired quickly
- Construction type and loss prevention at the premises: determine the likelihood of a large loss
- Alternative locations: a second site lowers the additional costs
Insurers weigh these details differently. That is where your saving is.
What is covered
| Situation | Basic | Extended |
|---|---|---|
| Renting a temporary office after a fire has made your own premises unusable | Yes | Yes |
| Bringing in a fellow firm to finish current assignments while your equipment is replaced | Provided that | Yes |
| Express delivery of replacement laptops after a burglary at the business premises | No | Yes |
| Overtime worked by your staff to clear the backlog after water damage | Provided that | Yes |
| The penalty your client imposes because you missed the agreed delivery date | No | No |
| Moving back from the emergency location to the repaired premises | Yes | Yes |
The basic form usually assumes only fire and storm; burglary, water and subcontracting call for the extended version.
Frequently asked questions
This is what people ask us most.
Can I combine additional costs insurance with business interruption cover?
Yes, and that often happens. The business interruption policy covers the gross profit you lose, the additional costs cover pays the outlays with which you limit that loss. Some insurers include the additional costs as a sub-limit in the business interruption policy. In that case check that the limit is adequate, because emergency accommodation and hired equipment mount up faster than expected.
Do I have to ask permission before I incur costs?
Consult as soon as you can, but do not wait if acting limits the loss. The policy expects you to act reasonably and to keep the loss as small as possible. Report the damage at once, as Article 7:941 of the Dutch Civil Code requires, and record why an outlay was necessary. Keep quotations, because the loss adjuster tests necessity and price afterwards.
Is this something different from operating costs insurance?
Yes. Operating costs insurance covers the fixed costs that run on while nothing is happening. Additional costs insurance covers the new outlays with which you do keep going. Organisations without a profit motive more often choose the first, service providers who can quickly carry on elsewhere the second. The combination also occurs, but then the sections have to fit together.
What if the additional costs come out higher than the limit?
The excess is for your own account. So work a scenario through in advance: what does it cost to work from a temporary location for three months, including rent, fitting out, IT and moving. Set the limit on that instead of on a round figure. We work that scenario through with you when applying.
Every situation is different. For these situations we have a separate page.
- Compare business interruption insuranceThe main page
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