Business Interruption - Common Problems 23-8-23


1.00 CPD Hours

Optional Quiz
$89.00 +GST Retail
$74.00 +GST Learning Partner

Learn Module Detail

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


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