Advance Loss of Profits Insurance (ALOP)

This type of insurance may also be encountered under the name CAR Loss of Profits, Delayed Earnings Insurance, Delayed Opening of Business, Delay in Start-up, Loss of Rent, and Loss of Standing Charges (including debt servicing costs). It is a business income protection cover, with the aim of covering the principal's loss of gross profit resulting from a delay in completion of the construction and/or erection works. A prerequisite for granting ALOP is for an underlying CAR or EPIC policy to be in force. Normal working delays are not covered under ALOP.

Cover

Cover is limited to the actual loss of gross profit sustained resulting from a delay in the completion of the project; the delay itself must be caused by a loss covered under a CAR or EPIC policy.

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BEE Rating

The RMB Structured Insurance Group is majority owned by RMB Holdings. The Group's BEE shareholder is New Seasons Financial Services (Proprietary) Limited. New Seasons Financial Services (Proprietary) Limited holds a direct 15% investment in RMB-SI Investments (Proprietary) Limited.