Business Interruption - Session II - Further Considerations

Business Interruption – further considerations:

This session is a follow up to ‘Establishing Insurable Gross Profit’ which considered the problems associated with the establishment of a firm’s gross profit and the maximum indemnity period. This session moves on to consider further issues and pitfalls associated with the provision of business interruption cover.

By the end of the session, delegates will:

• Be aware of the benefits and drawbacks of limiting cover to ‘increased costs of working’ and ‘additional increased costs of working’ cover
• Understand where advanced loss of profits and flexible first loss cover may be suitable
• Have detailed knowledge of some of the more commonly encountered non-damage extensions to cover
• Fully understand the implications of the FCA case brought against insurers following the pandemic-related business interruption case

Learning and Content:

• Why ICOW or AICOW is suitable for many risks
• When ALOP cover should be recommended
• What are the potential drawbacks of limiting cover to ICOW
• Consideration of some of the more flexible or innovative approaches insurers use to provide cover
• The impact of supply chain disruption upon cover and claims and how businesses cope
• Detailed consideration of extensions (non-damage) to cover including customers, public authorities’ closure, act of competent authority, as modified by the FCA pandemic related case