How to set correct business interruption sums insured in a high inflation world
How to set correct business interruption sums insured in a high inflation world
Presented by Alan Chandler, one of the UK's most popular insurance presenters. Alan will take this opportunity to run through how business interruption insurance should be correctly set up. Alan will lift the myths away from Bi and show how, in his easy to understand style, you can get this cover on a correct footing going forward.
Wrong advice relating to business interruption accounts for the second highest cause of professional indemnity claims against brokers. Many Bi policies are set up incorrectly throughout the UK and a lot of this results from lack of good clear client advice. It does not help that the term Gross profit in the insurance world means something different from Gross Profit in the accounting world.
Double digit inflation in the UK is making the significant problem of under insurance much worse. Global challenges will mean that inflation will remain high and will lead to an even greater problem of under insurance.
The leading case of the Arbory Group demonstrates the courts have no time for brokers that fail to advise correctly around setting correct Bi sums insured, and this presentation will help broking staff advise correctly on setting Gross Profit, Gross fees/revenue sums insured including how to make an allowance for inflation.
Learning Objectives:
Following this presentation delegates will:
- Be able to help your clients set a correct gross profit sum insured.
- Be able to explain to your clients the difference between accounting gross profit and insurance gross profit.
- Be able to explain how to project a correct sum insured through an indemnity period.
- Be able to best set up the BI sums insured for service firms with no stock.
About the speaker