Webinar -How to set correct Bi sums insured in a Covid-19 affected economy

The Insurance Institute of Cardiff invite you to a webinar on – How to set correct Bi sums insured in a Covid-19 affected economy, where the client’s book of accounts no longer resemble the correct long term trading position

Event Details:

Friday 29^th January 2021 14:00-15:00PM

The webinar will be run via Zoom, a global web-conferencing solution. Zoom is easy to use, a link and joining instructions will be sent to you prior to the webinar.

About the session:

Two lockdowns and massive drops in customer numbers will mean the 2020 book of accounts for most businesses will have absolutely no reflection of the true earning capacity of that enterprise. So how do clients go about setting a correct Business interruption sums insured for the forthcoming period of insurance?

Traditional methods of projecting correct business interruption sums insured are creating potentially inappropriate outcomes. Taking the insurance gross profit calculated from the clients last book of accounts and projecting this through the indemnity period will lead in many cases to significant shortfalls for the client, because it is unlikely to reflect the better trading positions which hopefully are to come, now the welcome news of vaccines are on the way.

A new way has to be found, one in which much more discussion has to take place between underwriter and broker - letters of intent may well have to be issued as a way of finding a fair and equitable way to reimburse the client, given previous books of account are unlikely to provide a fair level of compensation.

This webinar, presented by Alan Chandler, one of the UK's most popular insurance presenters, will start by running through how business interruption insurance is normally set up and will include examining the steps involved in how a Bi claim is settled. Once this basis is established Alan will explore how to project sums insured through the indemnity period and why the underwriter broker relationship has never been more important. Letters of intent may become the temporary new norm.

This is a highly topical webinar, which all staff involved with clients Bi cannot afford to miss.

About the speaker:

The Course will be run by Alan Chandler.

Alan has been an operations and project manager in three large global companies. NatWest insurance services, Royal Bank of Scotland insurance group and Allianz. In the last ten years running his own training company he has taken more than 1.000 people to Acii including six people who have achieved the top ACII pass rate in the whole of the UK. He has trained national prize winners in almost all CII subjects, has been a CII examiner and has a pass rate of 96% in cii training. His website is www.alanchandler.co.uk

Learning Objectives

• Explain to your clients the difference between accounting gross profit and insurance gross profit including understanding declaration linked cover.
• Understand the steps in a BI claim.
• Understand how to project a BI sum insured including taking into account future economic changes.

Further information.

A link will be sent via your email address supplied the day before the event. PLEASE DO NOT share this with anyone else.

Please note that this webinar will be hosted on the Zoom platform which may be restricted by some employers. Members may need to utilise their own personal devices in these circumstances to access the platform.