Our Insurance Comparison Tool allows you to pick the policy that's right for you by comparing every plan offered by Canada's leading providers. Struggling to sort through the choices? Our Frequently Asked Questions can explain Financial Loss coverage in greater detail.
Compare Financial Loss Insurance Policies
Product name | Max Coverage | Min Premium | Exclusions | |
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Transactional Environmental by The Channel Syndicate | Max Coverage N/A | Min Premium N/A |
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more details |
Roofers and Scaffolders by Touchstone Underwriting Ltd | Max Coverage GBP10M | Min Premium GBP8K |
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more details |
Shop and Restaurants by The New India Assurance Company Ltd | Max Coverage GBP10M | Min Premium N/A |
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more details |
Residential Property Owners by The New India Assurance Company Ltd | Max Coverage GBP5M | Min Premium N/A |
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more details |
Hotels, Guest and Public Houses by The New India Assurance Company Ltd | Max Coverage GBP10M | Min Premium N/A |
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more details |
Care Homes by The New India Assurance Company Ltd | Max Coverage GBP5M | Min Premium N/A |
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more details |
Business Combined by The New India Assurance Company Ltd | Max Coverage GBP5M | Min Premium N/A |
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more details |
Over Redemption by CFC Underwriting Ltd | Max Coverage GBP20M | Min Premium GBP1K |
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Research and Development by CFC Underwriting Ltd | Max Coverage GBP10M | Min Premium GBP275 |
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Intellectual Property by CFC Underwriting Ltd | Max Coverage GBP10M | Min Premium N/A |
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more details |
Frequently Asked Questions
(click to expand)What Is Financial Loss Insurance?
Financial Loss, or pure economic loss, can be defined as:
- A loss or expense incurred by any person other than the insured
- A loss or expense incurred by any person other than the insured resulting from the sale of supply of products
- A loss or expense not related to a physical injury or damage to property
Some business activities can cause a severe financial impact to others which was not their fault.
If a third party makes a claim for a Financial Loss, they are accusing another company or business of an act of negligence or a breach of contract that has resulted in them making extra payments or are out of pocket due to incurring unnecessary expenses.
Financial Loss can only be declared if it has not involved a physical damage or injury to another party (this would be covered under a Commercial General Liability or Public Liability insurance policy).
Who Needs Financial Loss Insurance?
- business transactions
- event organizers
- project managers
- commissioned/contracted works
- manufacturers
What Does Financial Loss Insurance Cover?
- damages legally liable to be paid in respect of a claim
- business interruption
- event cancellation
- breach of contract
- trade credit
- financial guarantees
- legal expenses
What Is Not Included In Financial Loss Insurance?
Typical exclusions in a Financial Loss insurance policy may include financial loss caused by physical injury or damage, illegal acts, and/or fraudulent activities.
How Much Is Financial Loss Insurance?
- Commercial General Liability
- Transaction Liability
- Event Cancellation
- Professional Liability
- Directors and Officers Liability
- Umbrella/Excess
- Legal Expenses
The cost of covering a Financial Loss will either be included in the overall package or an amount calculated as extended cover taking into consideration the size of the company, the potential impact of a negligent act and any previous similar claims.