By: Mark Anderson, Commercial Loss Adjusters

Duration: 1:03:48

This webinar also offers an optional quiz that will award an additional 0.5 of CPD.

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:

• Aspects that are sometimes overlooked when setting up a BI policy with a view to assisting brokers to minimise them.
• Issues with claims that frequently arise - and how to keep on top of these.

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

• Do you know your client’s business?
• Information to obtain from your client.
• Inability to obtain a set of financial accounts – are there other options to get relevant figures?
• Appropriate items of cover, including Gross Profit, Gross Revenue, Additional Increase in Cost of Working, Gross Rentals, Claim Preparation.
• Is it a BI policy requirement to provide a worksheet showing how the Gross Profit sum insured was calculated?
• The importance of knowing the policies definition of Uninsured Working expenses.
• Discussion on actual claims issues – and what we can learn from them
• Claims - overlap of wages with the MD claim
• Claims – Turnover trends
• Claims – Loss mitigation