Shriram Gen Insurance gets regulatory sandbox nod for innovative policy

Shriram Gen Insurance gets regulatory sandbox nod for innovative policy

Shriram General Insurance has received regulatory sandbox approval to launch its new innovative concept – Fire Loss of Profit insurance cover (FLOP), which aims to cover loss of income, and or increase in the cost of working due to reduction in business turnover or output caused by covered perils.

The Standalone FLOP Insurance policy provides coverage against all the 12 perils including fire and hurricane. Under this, the liability will be admitted under the loss of profit policy when such loss is caused because of the mentioned perils without any compulsion of material damage policy.

Source: msn.com

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