By: Mark Anderson
Duration: 1:06:37
This webinar also offers an optional quiz that will award an additional 0.5 of CPD.
We will discuss a Business Interruption calculation of loss as a worked example.
Using this claim example we will focus on:
- How each part of the claim is calculated.
- Look at the specific part of the Policy wording that relates to each component of the claim.
- What the loss would be under various scenarios where the Policy is inadequate and the financial implication to the insured.
- Discuss common misunderstandings.
It is often only when a loss occurs that an insured and their broker find out how good their BI policy is. It is too late after a loss to retrospectively change the cover, so looking at a calculation of loss is a good way of demonstrating the importance of:
- The appropriate items of cover.
- Appropriate Gross Profit and Uninsured Working Expenses.
- Adequate indemnity period?
Content of this workshop will include:
- Variations with Policy definitions of Uninsured Working Expenses, and the financial impact this can have on a claim.
- The most common BI losses that are excluded from claims, but could have been included in the claim if the client’s cover had been better constructed.
- Importance of progress payments.
- Discussion on actual claims issues – and what we can learn from them.