Considerations when insuring for Business Interruption

Business Interruption Insurance is seen as a critical cover for businesses to help ensure their long term viability in the event of a claim. This reimburses the policyholder for loss of profits or revenue losses at a time when they may not be able to trade profitably after the loss.

However, it is all too common for the policyholder to find they have inadequate cover in place at this time of need. There are many reasons for this, including a miscalculation or misunderstanding of the rate of gross profit or an insufficient period of indemnity.

The effects of this lack of suitable cover will often be felt by all stakeholders as the insured may not be fully reimbursed for his true losses; an insurer may not charge the correct premium where sums are under-declared; and brokers may be exposed to professional indemnity claims against them if the policyholder feels their broker was at fault.

To explore the above issues and more, we are delighted to welcome Rajen Rajput to speak to us on Tuesday 7 November 2017 at Clair Hall, Haywards Heath.

Online Booking
If you would like to join us for this free one hour CPD seminar, please click on the Book Now button below.

Although tailored towards insurance brokers and placement, this presentation will be of benefit to anyone involved with business interruption policies and claims, or those wishing to gain a greater understanding of this type of insurance.

This event is open to all members and their guests and starts at 6.00pm sharp. Light refreshments (tea/coffee/juice and biscuits) will be available from 5.30pm onwards.

Learning Objectives
By the end of this event, delegates will know and understand:

• the various items and cover within a Business Interruption policy wording

• how to mitigate the risks of under insurance

• the economic limits of Increased Cost of Working (ICOW)

• the benefits of Additional ICOW

• the importance of adequate indemnity periods

• the significance of "knowing your customer"

• how to calculate an adequate sum insured with reference to company accounts

Please note that this event may last a little more than one hour in order to cover all the learning objectives.

Getting there
There is plenty of free on-site parking at Clair Hall and Haywards Heath Station is just a few minutes' walk away.