Understanding Business Interruption extensions and advanced loss of profit
Understanding Business Interruption extensions and advanced loss of profit
One of the many things the Covid-19 pandemic taught the insurance industry was the importance of going through the various Bi extensions with clients and documenting these discussions. Failure to do this could leave the broker wide open to a PI claim against them.
This presentation, delivered by Alan Chandler one of the most popular speakers in the UK, looks specifically at BI extensions, the purpose of each one of them and how in each case an incident could give rise to a claim. Many in the industry have an incorrect view of extensions, for example many discuss utilities extension cover with clients when they really mean terminal ends, so give a wrong impression of the coverage their policy is actually providing.
This webinar will be highly beneficial for Brokers and Insurers alike.
Learning Objectives:
Delegates will be able to understand:
- Customer and suppliers BI extensions and why insurers should try and do more on the overseas extension side
- Denial of access extensions
- Disease, food poisoning, murder etc extension
- Loss of attraction extension and how this differs from denial of access
- Utilities and terminal ends and how these differ
- Advanced loss of profits and why this is so under sold
- Many other of the BI extensions offered in the marketplace and when they are appropriate for a risk