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Everything You Need to Know About Business Interruption Insurance (2 Days)

Level:Intermediate/Advanced Duration:2 Days CII CPD Hours:12

This two-day participative business interruption training workshop provides a more detailed study of the main features of business interruption insurance. It examines all the main areas that need to be understood by those involved in placing or underwriting business interruption insurance.

The workshop is ideal for those with more than two years experience of handling business interruption insurance as a separate class of business.

  • After attending Day 1 of this course, delegates will be able to:
    • Explain why this class of business is vital to clients and show how it works in practice using easy to understand terms
    • Understand how to overcome the problems often experienced in handling this class of business
    • Thoroughly understand how all business interruption covers (gross profit, revenue, fees, income, rent, increase in cost of working etc) work and know how to select the most appropriate for a client
    • Decide where additional increase in cost of working cover is appropriate and explain how it can improve existing covers
    • Understand how to properly forecast an adequate estimate or sum insured and explain how to make sure this remains up to date on an ongoing basis to protect the client, the broker and the insurer from the effects of setting this too high or too low.
  • After attending Day 2 of this course, delegates will be able to:
    • Recognise what procedures some Insurers are now adopting to protect themselves from deliberate underinsurance
    • Thoroughly understand the difference between the declaration linked and traditional methods of forecasting the amount to be insured and recognise the pros and cons of both
    • Understand what information is required to set up Advanced Business Interruption covers and recognise which features will most affect acceptance and rating
    • Understand the main features of engineering business interruption covers.

     

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