By: Mark Anderson 

Duration: 1.10

It is often only when a loss occurs that a broker finds out how good their clients BI policy is. It is too late after a loss to retrospectively change the cover. You may not have seen your client’s financial accounts, so are you satisfied that your client’s BI Policy has:

• The appropriate items of cover.
• Adequate sums insured?
• How has the Gross Profit been calculated?
• Adequate indemnity period?

We will discuss problem areas that commonly occur when setting up a BI policy with a view to assisting brokers to minimise them, and also issues with claims that frequently arise - and how to keep on top of these.

As an example, does your client sub-let part of its premises and receive rental income? Is this rental income insured under their BI Policy?

Content of this workshop covering pre-loss and post loss problem areas will include:

• Do you know your clients business?
• Information to obtain from your client.
• Inability to obtain a set of financial accounts – what to do?
• Items of cover, including Gross Profit, Gross Revenue, Additional Increase in Cost of Working, Gross Rentals, Claim Preparation
• Is it BI policy requirement to provide a worksheet showing how the Gross Profit sum insured was calculated?
• Discussion on actual claims issues – and what we can learn from them
• Industry specific issues
• Claims - overlap of wages with the MD claim
• Claims - Turnover trends
• Claims - Loss mitigation