Supply chain delays, global uncertainty, floods and increasing costs are causing significant delays in obtaining replacement equipment and building restoration.
Manufacturers of specialist equipment that utilise silicon chips have warned that production may be impacted for 12 months and demand for spare parts for repairs far outweighs availability.
Many vehicle manufacturers cannot supply new cars for at least 9 months.
Builders are experiencing unprecedented demand, and many are moving to cost plus contracts to avoid being caught by escalating product prices and supply delays.
Now is the time to have a conversation with your client...
‘I have been thinking about your business and with all the news of delays in supply and escalation of costs I think we need to make sure your cover is right. If there was a major incident at your business today, how long will it take to obtain replacement equipment and premises? How much would it cost? We need to make sure that we have enough cover in place and we should also look at extending your business interruption cover from 12 months (the usual cover period selected) to at least 18 months.’
Xcelerate are business interruption specialists who can help you calculate the business interruption sum insured and indemnity period.
XCELERATE | COVER RIGHT | CLAIM FAST
Contact Andrew Bassingthwaighte at ab@xir.com.au
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