WEBINAR - Introduction to Business Interruption Insurance

Overview

This workshop is designed to introduce the insurance practitioner into the concept of business interruption insurance. It is also suitable for more experienced staff who may require a refresher of the subject.

We will explore the establishment of insurable gross profit, the maximum indemnity period as well as the application of declaration linked cover. There will also be an opportunity to put these acquired skills into practice in an optional additional session with team exercises.

Who should attend?

By the end of the session, attendees will:

• Understand the application of the “material damage proviso”

• Be able to complete a straightforward insurable gross profit calculation

• Be aware of and list examples of both fixed and variable costs incurred by a business

• Understand the considerations associated with the choice of maximum indemnity period (MIP)

• Appreciate the challenges associated with forecasting the level of insurable gross profit over time

• Explain how declaration linked cover can assist in negating any issues involving underinsurance

Course Content

• Explanation of insurable gross profit – two methods of calculation

• Identification of fixed and variable costs incurred by a business

• Explanation of the economic limit and how this affects the application of cover

• What does the maximum indemnity limit need to cover

• How a basic claim settlement is calculated.

• Q&A session

David is an experienced insurance professional with a career spanning 40 years. He is a subject matter expert for the Chartered Insurance Institute, authoring and updating modules for the CII computer-based training programme, Broker Assess. His experience includes Head of Claims at Plum Underwriting Ltd, where he was responsible for managing the relationship between insurers and claims third party administrators, managing larger claims received via technical referral processes.

David has been delivering technical insurance training for over 20 years, to a variety of different industry customers in the UK and abroad and provides examination support for clients undertaking CII studies to achieve industry recognised designations. He provides training on many general insurance classes up to at least intermediate level to include motor trade insurance, cyber, marine cargo, commercial property, business interruption, liabilities, construction, engineering, and trade credit. He also delivers more generic underwriting and claims training.