Advanced Loss of Profits (ALOP)

Our ALOP insurance can be combined with a Lumley Contract Works or Transit, Erection and Testing (TET) policy.

ALOP insurance provides peace of mind against financial losses incurred as a result of a delay in project completion arising out of a valid claim under your client’s Contract Works or TET policy.

Lumley ALOP insurance features:

  • Insured losses are accumulated over the course of the project, leading to one combined claim at the original planned completion date.
  • This policy only covers delays that are insured under the Contract Works or TET policy, i.e. fire, wind, collapse, earthquake. It doesn’t cover delays caused by uninsured losses, such as a shortage of labour or materials, strikes, non-performance by the builder.
  • This cover is only for the principal, not the builder.