Business Interruption Insurance - Advanced - Searchlight Insurance Training

Business Interruption Insurance – Advanced

This participative workshop provides a more detailed study of some of the more complex features of business interruption insurance.

Level: Advanced

Duration: 1 day(s) CII CPD Hours: 6
     

WORKSHOP OBJECTIVES

Delegates who successfully complete this workshop will be able to:

• thoroughly understand how to overcome the problems in handling this class of business

• thoroughly understand the main features of a business that will affect the setting of the Maximum Indemnity Period and recognise how to use these to determine the most appropriate for a client

• thoroughly understand how all Business Interruption covers work and recognise how to select the most appropriate for a client

• understand the difference between full value and first loss covers and explain the advantages and disadvantages of both

• recognise the information required to set up Advanced Business Interruption covers and understand the underwriting reasons why this is needed

• understand the main features of Engineering Business Interruption covers

• thoroughly understand how cover for damage occurring away from the client’s premises needs to be assessed and understand what information is needed to agree appropriate cover for a client

• understand how a Gross Profit claim is settled and the role of the loss adjuster in claims settlements

• explain the purpose of the Salvage Sale, Accumulated Stocks, Departmental, Alternative Trading and New Business Clauses

WORKSHOP CONTENT

• typical customer attitudes shown to Business Interruption insurance and the role the broker plays in overcoming problems arising from these

• a comprehensive review of all Business Interruption covers including Gross Profit, Revenue, Fees, Increased Cost of Working, Additional Increased of Working, Rent, Book Debts, Engineering BI covers and Advanced BI covers

• a study of the essential features that have a bearing on the setting of the Maximum Indemnity Period with exercises to show how some businesses may require different considerations

• the principles of claims handling and the role of the Loss Adjuster in Business Interruption Claims

• a comprehensive look at the range of extensions available with discussion on how these can be selected to provide appropriate cover for a client

• detailed examination of the Business Interruption extensions commonly requested

• Quiz