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Business Interruption – Importance of cover for Additional Increase in Cost of Working

2022-158
CPD Points: 1.00
Duration: 1 hr
$89.00 +GST Retail
$74.00 +GST Learning Partner

Event Detail

BI is more than just the insurance of Gross Profit. Cover is automatically provided for Increased Costs as part of the Gross Profit item. But there are limitations to what can be claimed under this item – often referred to as Item 1(b). What are the “tests” that need to be satisfied for an extra cost to be covered under Item 1(b)? Why is it recommended that BI policies have the separate item of cover for Additional Costs? It might be called “Additional Costs” or “Additional Cost of Working”, but most frequently it is called Additional Increase in Cost of Working (“AICOW”). Whatever it is called – it is the wording that is important.

Topics include:

  • Review actual policy wordings.
  • Explain the differences with the policy wordings for Item 1(b) increased costs (under the Gross Profit item), and the separate item of cover “Additional Increase in Cost of Working (often referred to as “AICOW”).
  • Discuss the “tests” that need to be satisfied to claim extra costs – under both Item 1(b) and also AICOW.
  • Discuss how to set an appropriate level of cover for AICOW?
  • With examples, discuss the sorts of costs that cannot be claimed
  • Insuring for AICOW only, with no Gross Profit or Gross Revenue cover.

All Coming Instances

10:30AM - 11:30AM, Thu, 21 Jul 2022
Registrations Close: 20 July 2022
Class Limit: 200
Presenter: Mark Anderson
Online: Webinar links will be sent to everyone registered the day prior.

These links will not be sent BCC so if you have any objections to your name being viewed by others on the webinar please make contact with the office.
 

Terms and Conditions

Discounts are available for group bookings.  Please enquire. 

The running of this workshop is subject to minimum attendees. 

No refund will be given if you do not notify us prior to the start of the event.

 

Full terms and conditions are available here


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