Advanced Business Interruption -full day course

Key Learning Objectives:

1. To raise understanding of BI covers, principles & the policy formula
2. To help attack for new business, underwrite BI covers and resolve BI claims
3. To identify pitfalls such as:

• Short maximum indemnity periods,
• low sums insured, uninsured wages & salaries
• Changing Rates of Gross Profit
• Property away from Premises
• Insufficient policy extensions & clauses - and so
• Improve the outcomes of Sales and Claims

Major Aspects of the course

• Protecting the future earnings of the business
• Protecting the future earnings of the business
• Contract of Indemnity and Policy formula
• The Insurance Act 2015 and BI
• Fire & Perils, “all risks” and Theft
• Key policy Conditions
• Material damage proviso – still fit for use?
• Gross Profit and wages
• Rate of Gross Profit
• Profit & Loss accounts & balance sheets
• Turnover, Revenue, Fees
• A group exercise on drafting a Sum Insured
• Actual Indemnity Periods
• Standard Turnover
• Shortfall in Turnover
• Using Special Circumstances
• Increased Costs of Working
• Additional Increased Cost of Working
• Savings in insured expenses
• Group calculation of a complex BI claim in a factory
• Types of classic Underinsurance
• Dependency on Suppliers & Customers
• Some other policy extensions – denial of access, food poisoning, disease, murder, bomb hoax, electricity etc.
• Ways of insuring Rent
• Advance Profits – seeing the need, selling & underwriting it
• Some useful policy clauses
• Some lessons from BI litigation

Lunch will be included at approx. 12.30pm.