Business Interruption Insurance References

        I.            DASAR ASURANSI BUSINESS INTERRUPTION

Polis Business Interruption memberikan Jaminan LOSS OF GROSS PROFIT yang diakibatkan :

-          Adanya Penurunan Turn Over (Reduction in Turn Over)

-          Adanya Biaya Tambahan  (Increased in Cost of Working)

LOSS of GROSS PROFIT, yang diakibatkan adanya penurunan Turn Over dinyatakan sbb :

“In respect of Reduction in Turn Over: the Sum produced by applying the Rate of Gross Profit to the amount by which the Turn Over during the Indemnity Period falls short of the Standard Turnover in consequence of the loss destruction or damage”

Dimana ketentuan dalam menetapkan RATE OF GROSS PROFIT adalah dengan rumus sbb :

    Gross Profit

----------------------            x 100% = …………..%

Annual TurnOver

      II.            TURN OVER

-          Turn Over : Sejumlah uang yang diterima tertanggung sebagai hasil penjualan dan pengiriman suatu barang atau berupa imbalan atas ajasa yang diberikan kepada pihak laim sehubungan dengan usaha yang dilakukan di tempat/lokasi pertanggungan.

-          Turn Over / Sales / Hasil Penjualan harus dapat memenuhi :

o   Seluruh Biaya produksi yang timbul

o   Profit Keuntungan Perusahaan (Biaya Produksi+Profit = Harga Jual)

    III.            BIAYA

-          Biaya Variable (Variable Cost) :

biaya yang jumlahnya akan berubah secara proporsional menikuti perubahan volume kegiatan seperti :

o   Pembelian Bahan Baku

o   Biaya Bahan Bakar

o   Biaya Penanganan Bahan Baku

o   Upah Lembur

-          Biaya Tetap (Fixed Cost)

Semua Biaya-biaya yang jumlahnya tetap walaupun terjadi perubahan volume kegiatan, artinya tidak dipengaruhi oleh perubahan volume kegiatan.

    IV.            KLAIM BUSINESS INTERRUPTION

Dalam klaim business Interruption biasanya yang terjadi adalah :

-          Terjadinya penurunan Pendapatan

o   Produk dijual lebih sedikit – tidak ada balance dari produk yang masih tersisa untuk mendapatkan net profit yang sama

o   Biaya Tetap Konstan – biaya ini harus di cover dari volume penjualan yang lebih sedikit

-          Terjadinya biaya tambahan (Increased in Cost of Working0

      V.            DALAM PETA SEDERHANA

Dari contoh diatas, Bila telah dikeluarkan tambahan sebesar $500, dan ternyata Turn Over dapat dipertahankan pada level $20,000 maka otomatis biaya tambahan sebesar $500 ini akan mengurangi Gross Profit ($5000). Biaya $500 ini lah yang disebut sebagai Increased in Cost of Working.

Apakah nilai tersebut dapat diganti oleh Asuransi ?

Pihak penanggung akan memeriksa apakah $500 ini masuk dalam 6 syarat Dasar Polis BI, yaitu bahwa biaya tersebut :

1.       Additional Cost Incurred (biaya tambahan memang terjadi/ada)

2.       Necessary & Reasonably incurred (penting dan rasional dilakukan)

3.       Sole purpose of avoiding or diminishing the reduction Turn Over (Tujuan utama untuk menghindari adanya penurunan Turn Over)

4.       Taken place during Indemnity Period (terjadi selama masa Indemnity period)

5.       In consequence to the Loss destruction and damage (Sebagai akibat dari kerusakan material yang dijamin dalam polis)

6.       Masuk dalam perhitungan Economic limit untuk menghindari Reduction Turn Over

    VI.            INDEMNITY PERIOD

The Period beginning with the occurrence of the damage and ending not later than the number of months thereafter stated in the schedule during which the results of the Business shall be affected in consequences to the Damage

Periode dimulainya pada saat kejadian kerugian dan berakhir tidak lebih dari jumlah bulan yang tertera didalam polis dimana merupakan selama kegiatan usaha terhenti sebagaio konsekuensi adanya kerusakan material. (sejak tanggal kejadian s/d Perusahan pulih kegiatan usahanya kembali)

  VII.            DEDUCTIBLE = Time Excess

Dalam polis umumnya diaplikasikan Resiko Sendiri untuk Business Interruption adalah Jumlah hari, misalnya 3 hari, 5 hari atau 7 hari serta 14 hari. Disini aplikasinya bisa terjadi sbb :

CONTOH : TIME EXCESS = 3 HARI

1.       Maka Standard diaplikasikan adalah :

Penanggung akan memberikan penggantian jumlah kerugian dalam polis BI dikurangi dengan Sejumlah kerugian yang terjadi pada 3 hari pertama setelah tanggal kejadian.

2.       Jika dilekatkan klausula TIME EXCESS CLAUSE  :

Penanggung akan memberikan penggantian jumlah kerugian dalam polis BI dengan memperhitungkan Seluruh Nilai Kerugian selama Masa Indemnity Period dikurangi dengan Nilai Kerugian Rata-rata perhari yang dikalikan dengan jumlah Hari.

Contoh :

o   Total Kerugian selama 15 hari = $2,000

o   Nilai Kerugian Rata-rata perhari adalah = $2,000 / 15 Hari = $133

o   Maka Nilai diberikan penggantian = $2,000 – ($133x3hari) = $1,601

Wording Klausula Time Excess :

The time Deductible Calculation is based on the loss amount claimed divided by the number of days in the interruption period(limited only by the length of indemnity period) to calculate a daily indemnifiable loss. This daily indemnifiable amount is to be multiplied by the number of days stated as the Time Deductible period.

VIII.            HAL-HAL YANG MENYEBABKAN UNDER INSURANCE :

Jika Interruption Period < maximum Indemnity Period

Contoh :

Annual Insurable Gross Profit : $10,000,000.00

Maksimum Indemnity Period : 6 months

Sum Insured : $ 5,000,000.00

Dalam hal indemnity Periode kurang dari 12 Bulan, Nilai pertanggungan untuk Business Interruption harus tetap di masukkan dari Nilai Rate of Gross Profit yang diperhitungkan dari Annual TurnOver

Jika Indemnity Period lebih dari 12 Bulan, maka Nilai Pertanggungan dalam Business Interruption harus diperhitungkan Proporsional dari Jumlah Indemnity Period yang ditetapkan.

    IX.            CARA MENGHITUNG GROSS PROFIT SUM INSURED :

Langkah yang diperlukan untuk menghitun Gross Profit :

1.       Menghitung Historical Insured Gross Profit

2.       Menentukan Trend of The Business – Dihitung dari Riwayat kenaikan Profit

3.       Mengaplikasikan trend terhadap Historical Insured Gross Profit

Seringkali terjadi adanya perbedaan pemahaman Nilai yang dimasukkan sebagai nilai pertanggungan didalam polis asuransi yaitu antara :

1.       Insurance Gross Profit

2.       Accounting Gross Profit yang tercatat dalam pembukuan Perusahaan

Tata Cara Melakukan Adjustment atas perbedaan ini  bisa dilihat pada lampiran CONTOH Laporan Profit/Loss terlampir.

Selain dari ke 3 tahapan tatacara perhitungan yang sudah disebutkan diatas, juga harus menjadi catatan penting beberapa variable UN-INSURED WORKING EXPENSES MERUPAKAN 100% Variable Cost, yang terdiri dari :

1.       TURNOVER DAN PURCHASE TAXES

2.       PURCHASES (LESS DISCOUNT RECEIVED)

3.       CARRIAGE, PACKING AND FREIGHT

Apakah Biaya Semi Variable dianggap Variable Cost atau Fixed Cost ?

Untuk menghindari Under Insurance – bisa dikategorikan sebagai Biaya Tetap

      X.            PENUTUP

Uraian yang disampaikan ini merupakan Summary secara sederhana dan umum sebagai bagian penting yang di prioritaskan untuk menghindari adanya “disputes” klaim dikemudian hari yang disebabkan oleh adanya perbedaan perhitungan Nilai Pertanggungan yang dijamin didalam polis dengan mekanisme perhitungan yang ada dalam kondisi polis asuransi.

Adapun aplikasi lebih terperinci jika diperlukan bisa melakukan konsultasi lebih lanjut melalui email atau diskusi langsung dengan kami.

Penjelasan ini bersifat Advisory, dengan tetap menghormati asas “kerahasiaan” bagi laporan keuangan masing-masing Perusahaan.

Dibuat oleh,

Selvi Aldriani

The Return Premium Clause (1/3)

If the Insured declares at the latest six months after the expiry of any policy year that the Gross Profit earned during the accounting period of twelve months most nearly concurrent with any period of insurance, as certified by the Insured’s auditors, was less than the sum insured thereon, a pro rata return of premium not exceeding one third of the premium paid on such sum insured for such period of insurance shall be made in respect of the difference.

If any loss destruction or damage has occurred giving rise to a claim under this policy, such return shall be made in respect only if so much of said difference as is not due to such loss destruction or damage.

Salvage Sale Clause

If, following any incident giving rise to a claim under this policy, the Insured shall hold a salvage sale during the indemnity period, clause (a) of the item on Gross Profit shall, for the purpose of such claim, read as follows:

(a) In respect of Reduction in Turnover : the sum produced by applying the Rate
of Gross Profit to the amount by which the Turnover during the indemnity period (less the
Turnover for the period of the salvage sale) shall, in consequence of the incident, fall
short of the Standard Turnover, from which sum shall be deducted the Gross Profit
actually earned during the period of the salvage sale.

Profesional Accountant Clause

Any particulars or details contained in the Insured’s books account or other business books or documents which may be required by the Company for the purpose of investigation or verifying any claim hereunder may be produced by professional accountants if at the time they are regularly acting as such for the Insured and their report shall be prima facie evidence at the particular and details to which such report relates.

The insurer will pay to the Insured the reasonable charges payable by the Insured to their professional accountants for producing such particulars or details or any other proofs, information or evidence as may be required by the Insurer under the terms of Claims Condition of this policy and reporting that such particulars or details are in accordance with the Insured’s books of accounts or other business books or documents.

Provided that the Sum of the amount payable under this clause and the amount otherwise payable under the policy shall in no case exceed the liability of the Insurer as stated.

Prevention on Access Clause

In consideration of the payment of an additional premium, which is included in the premium hereon, any loss as insured by this policy resulting from interruption of or interference with the Business in consequence of loss destruction or damage at the undernoted situations or to property as undernoted shall be deemed to be an incident

Property in the vicinity of the Premises, loss or destruction of or damage to which shall prevent or hinder the use of the premises or access thereto, whether the premises or property of the Insured therein shall be damaged or not, and including loss or destruction of or damage to property of any supply undertaking from which the Insured obtains electricity, gas or water, or telecommunications services which prevents or hinders the supply of such services, to the premises.

New Business Clause

For businesses which have not completed a full year working

Rate of Gross Profit:
Rate of Gross Profit earned on the Turnover during the period between the date of the commencement of the Business and the date of the incident

Annual Turnover:
The proportional equivalent, for a period of twelve months, of the Turnover released during the period between the commencement of the Business and the date of the Incident

Standard Turnover:
The proportional equivalent, for a period equal to the indemnity period, of the Turnover released during the period between the commencement of the Business, and the date of the incident

to which such adjustments shall be made as may be necessary to provide for the trend of the Business and for variations in or other circumstances affecting the business either before or after the incident which wold have been affecting the Business had the incident not occurred, so that the figure thus adjusted shall represent as nearly as may be reasonably practicable the results which but for the incident would have been obtained during the relative period after the incident.

Material Damage Proviso Waiver

It shall not be a condition precedent to liability in respect of interruption or interference in consequence of destruction or damage (as within defined) that payment shall have been made or liability admitted under the insurance covering the interest of the Insured in the property at the premises against destruction or damage if no such payment shall have been made nor liability admitted solely owing to the operation of a proviso in such insurance excluding liability for losses below a specific amount of deductible.

Increase in Business Clause

The undersigned hereby agreed to accept at the premium stated in policy, additions to the sum insured to maximum of in total 10% of the insured amount under this policy. However, that expire dates of the aforesaid additions not take place subsequent to the expire date of this policy such additions to the sum insured so accepted will be considered take effect from the date of the postmark of the written or the date of telegraphic instruction from the Insured.

Fines or Damages for Breach of Contract

The insurance under this item is limited to fines or damages for breach of contract and the amount payable as indemnity thereunder shall be such sums as the Insured shall be legally liable to pay and shall pay in discharge of fines or damages, incurred solely in consequence of the incident, for non-completion or late completion of orders.

Failure of Public Liabilities

In consideration of the payment of an additional premium which is included in the premium hereon it is hereby agreed declared that subject to the conditions of the policy loss as insured by this policy resulting from interruption of or interference with the business in consequence of damage (as within defined) to property at any electric power station or substation, gas works or water of the public supply undertaking from which the Insured obtains electric current, gas or water shall be deemed to be loss resulting from damage to property used by the Insured at the premises.

Departmental clause

If the business be conducted in departments the independent trading results of which are ascertainable, the provisions of clauses (a) and (b) of the item on Gross Profit shall apply separately to each department affected by the incident [except that if the sum insured by the said item be less than the aggregate of the sums produced by applying the Rate of Gross Profit for each department of the Business (whether affected by the incident or not) to its relative Annual Turnover (or to a proportionately increased multiple thereof where the maximum indemnity period exceeds twelve months) the amount payable shall be proportionately reduced].

Note:For Insurances on the declaration-linked basis the words in square
brackets should be omitted

Defective Sanitation Clause

The company will indemnify the Insured against all sums for which the Insured shall become legally liable consequent upon death, bodily injury, illness, loss or damage as within defined caused through defective drains, sewer or sanitary arrangements.

The liability of the Company in any one period of Insurance and caused by or resulting from defective shall not exceed the limit of liability which shall for the purpose of this Endorsement be the period limit referred to on hereof.

Closure by Public Authorities

Notwithstanding anything contained in this policy to the contrary, loss as insured by the Policy resulting from interruption of or interference with the Business directly or indirectly arising from :

(a) closure or evacuation of the whole or part of the Premises by order of a competent
Public authoriity consequent upon :
(I) Human infectiious or contagious disease occuring at the Premises
(ii) vermin or pests or defects in the drains or other sanittary arrangements at the
Premises
(iii) the outbreak of a notifiable human infectious or contagious disease occuring in
the vicinity of the Premises
(b) Poisoning directly caused by the consumption of food or drink provided on the Premises.
(c) murder or suicide occuring in or at the premises
(d) threat of violent damage to the Premises and/or injury to persons therein.

Shall be deemed to be loss resulting from damage to property used by the Insured at the premises.

Alternative Trading Clause

If during the indemnity period goods shall be sold or services be rendered elsewhere than at the premises for the benefit of the business either by the Insured or by others on the Insured’s behalf the money paid or payable in respect of such sales or services shall be brought into account in arriving at the Gross Revenue during the indemnity period.

Accumulated Stock Clause

In adjusting any loss account shall be taken and an equitable allowance made if any reduction in Turnover due to the incident is postponed by reason of the Turnover being temporarily maintained from accumulated stocks of finished goods.

Accidental Failure of Public Supply

Any loss as insured by this policy resulting from interruption of or interference with the Business in consequence of loss destruction or damage at the undernoted situations or to property as undernoted shall be deemed to be an incident.

The Contingencies
The accidental failure of
The public supply of electricity
The public supply of water

The public supply of telecommunications services resulting from

i. Failure of satellites
ii. Failure from any other cause

but excluding any failure

i.which does not involve a cessation of supply for at least … consecutive minutes
hours/days
ii.due to an Excluded cause