How to advise correctly on Business Interruption extensions and advanced loss of profit
One of the many things the Covid-19 pandemic has taught the insurance industry is the importance of going through the various BI extensions with clients and documenting these discussions. Failure to do this could leave the broker wide open to a PI claim against them.
This presentation looks specifically at BI extensions, the purpose of each one of them and how in each case an incident could give rise to a claim. Many in the industry have an incorrect view of extensions, for example many discuss utilities extension cover with clients when they really mean terminal ends, so give a wrong impression of the coverage their policy is actually providing.
This webinar, in plain English style, details how these essential additions to cover operate. In addition it will look at advanced loss of profits and examine why this is so under sold.
This presentation will be appropriate for brokers, underwriters, claims staff and loss adjusters.
At the end of this presentation delegates will be able to understand:
- Customer and suppliers Bi extensions and why insurers should try and do more on the overseas extension side
- Denial of access extensions
- Disease, food poisoning, murder etc extension
- Loss of attraction extension and how this differs from denial of access
- Utilities and terminal ends and how these differ
- Advanced loss of profits and why this is so under sold
- Many other of the BI extensions offered in the market place and when they are appropriate for a risk
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.