Business Interruption Insurance - all you need to know, explained in plain English. Three hours with a break.

Webinar
Thursday, 07 January 2021
1:00 pm – 4:00 pm
    • Alan Chandler

PLEASE NOTE, PLYMOUTH & CORNWALL INSURANCE INSTITUTE & PFS MEMBERS HAVE PRIORITY IN RESPECT OF BOOKINGS.

Overview

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. The presentation will include looking at how insurance gross profit differs from accounting gross profit, how sums insured should be correctly set, how to advise around indemnity periods, the difference between ICW and AICW as well as taking a journey through all the relevant BI extensions including a look at advanced loss of profits.

The webinar will last three hours and will be split into two to allow for a break. The first half of the presentation will look at setting correct BI sums insured and the second half of the presentation will look at advising correctly on BI extensions.

Given all the challenges that occurred with BI cover in 2020 this is a most timely webinar, to aid members to ensure they set up correct coverage for policyholders in 2021.

Learning Objectives

This presentation will enable delegates to:

  • Be able to explain to clients the difference between accounting gross profit and insurance gross profit;
  • Guide clients correctly so that they set an appropriate indemnity period;
  • Project a correct sum insured through an indemnity period;
  • Best set up BI cover for service firms with no stock;
  • Be able to guide clients on setting an appropriate sum insured for increased cost of working only cover;
  • Be able to explain the difference between Increased Cost of Working and Additional Increased Cost of Working;
  • Understand Customer and Suppliers BI extensions and why insurers should try and do more on the Overseas extension side;
  • Understand Denial of Access extension, Disease, Food Poisoning, Murder etc. extension, Loss of Attraction extension and how this differs from Denial of Access; and Utilities and Terminal ends extensions and how these differ;
  • Understand Advanced Loss of Profits and why this is so under sold.

This presentation is suitable for brokers, underwriters, claims staff and loss adjusters.

The presentation will be delivered by Alan Chandler who is one of the most popular presenters in the UK insurance market. For Alan's speaker profile, click here.

CII Accredited

This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.

3 hours' 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.