Consequential loss coverage reimburses the insured for business costs due to damaged facilities or equipment. For example, business interruption insurance can cover situations that result when the loss of revenue occurs due to events such as an extended power outage or a flood. Consequential losses are those resulting from property damage or personal injury. In particular, this also includes so-called "unreal" financial losses, such as reduction of income, loss of earnings or loss of use, which are a consequence of the previous event. Consequential losses are not covered by ordinary insurance policies, unless specifically included on payment of additional premium.
PLANT & MACHINERY ALL RISK
Plant and Machinery All Risks Insurance Policy provides cover for plants and machinery against unforeseen physical loss or damage that may arise from the occurrence of perils that are included in the insurance cover. The policy also provides coverage for loss or accidents to machinery used at construction sites based on the agreed terms of the policy. There are a multitude of negative risks (environmental, physical and occupational) that plant/machinery are exposed to, as well as the operators and those who hire them.