MACHINERY LOSS OF PROFIT POLICY (MLOP) & BOILER & PRESSURE PLANT LOSS OF PROFIT POLICY (BPLOP)
The cover provided will be limited to loss of gross profit due to (a) reduction in Turnover and (b) increase in cost of working and will be generally on the lines of the Fire LOP Policy
- The indemnity provided under the MLOP policy would be limited to the amount of loss resulting from the interruption or interference of the business in consequence of an accident which shall mean sudden and unforeseen physical damage to the insured Machinery. As regards the BPLOP policy, the loss resulting from business interruption due to Explosion/Implosion of Boiler/Pressure Plant will be indemnified.
- It is pre-condition that at the time of accident, there should be an insurance covering machinery under the Standard Machinery Policy and Boiler/Pressure Plant under the standard Boiler and Pressure Plant policy and liability in respect of the same must have been admitted. Selection of machinery under this policy is possible and the indemnity period for each of the machine may differ.