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Business Interruption Insurance – Introduction

Summary

This participative workshop provides an introduction to the principles and practices of business interruption insurance. It explores the aspects which need to be understood by those involved in providing basic technical or administrative services.

The workshop is ideal for those with less than 12 months experience of business interruption insurance providing they have a basic grasp of commercial insurance principles and practices.

Course Content

  • A brief look at the main barriers to handling this class of business
  • The material damage proviso
  • An overview of accounts – what costs should typically be included
  • An overview of the more common covers available including gross profit, revenue and fees
  • The main elements of the policy specification showing the extent of cover, important conditions, exclusions and clauses within the wording
  • An overview of declaration linked cover
  • An overview of indemnity period
  • The basic elements of underwriting and rating consideration
  • An overview of the claims process and the role of the loss adjuster in business interruption claims

Learning Objectives

  • Recognise some of the problems in handling this class of business and understand how the cover works alongside the material damage cover
  • Explain the difference between a standing charge and an uninsured working expense and identify which figures from a set of accounts need to be included in the cover
  • Outline the factors that will affect the setting of a correctly forecasted estimate or sum insured for gross profit, revenue and fees cover
  • Describe the features of a business that will affect the setting of an appropriate Maximum Indemnity Period and know how the indemnity period is established in a claim
  • Identify the main features of a risk that will influence an underwriter in their assessment of acceptability and
    rating and outline how these might vary for different types of businesses
  • Explain how a simple claim is settled

Ready to book?

Simply complete the booking form with your details and a member of our team will be in touch with the next available dates. 

Any questions?  

If you’re not quite sure if this course is suitable or are looking for further information, call our team on 0117 244 7221.