Advanced Business Interruption Training Day

In groups of up to 12, we are going to develop the techniques that some of you will have already covered with Rod Smith in his general business interruption training day. The aim is to help you attack for accounts and resolve BI claims even more effectively by showing and applying a superior knowledge of BI. You will also be helped to sell wider covers to existing clients and head-off professional indemnity issues. During the day, you will develop your own checklist of key points to cover on your next meeting about BI.

This entirely Interactive Day will consist of work in small groups. You will need to develop some solutions for four key scenarios, based mainly on materials that will be sent to you in advance.

These are: -

1 ) Use your business interruption knowledge to attack for a new metal fabrication account, by scrutinizing the present cover and doing much better. That will need first a swift critique to get the Prospect’s attention, and second a more developed analysis of their real needs, to close the business.

2 ) Building on that, you will guide clients more closely now on the principles and arithmetic needed to determine a realistic Sum Insured for a quality hotel, with the options of a two, three, four or five year maximum indemnity period and tailored uninsured working expenses

3) You will now work through a complex claim for some consulting engineers after extensive damage at their offices, to see how a deep knowledge of the policy formula facilitates both the Claims and the Sales processes. You are selling a complex cover that is judged by its claims. If what you sell goes wrong, you know the consequence is client business failure, and who pays for that, and are aware of the upcoming legal obligation to pay damages for unreasonably late payment of claims. You will therefore be practicing your BI knowledge and fluency by efficiently calculating Item 1a) Gross Profit and Item 1b) Increased Cost of Working with some policy limits, and then demonstrating the value of Additional Increased Costs of Working. You will be measuring the loss by means of the Standard Turnover, the Indemnity Period Turnover with Alternative Trading, and also applying the Special Circumstances Clauses to both Standard Turnover and Gross Profit. The troublesome aspects of Savings and traditional underinsurance clauses will also be tackled.

4 ) You will be asked in small groups to spot and explain some key features of a Profit & Loss account, and to put in plain words for clients the meaning of “Fair Presentation” of BI aspects under the Insurance Act 2015, the material damage proviso and Policy Conditions on Alteration, liquidation/Administration and Claims.

5) Finally you will set some quick questions for your opponents by way of a team quiz. This is an excellent chance of even more fun and to ask for an answer to all that has puzzled you with BI (as it is not necessary to know the answers to the questions you have set!)

Rod will be helping individuals and groups throughout the day, so this is an ideal forum to learn by making errors safely indoors, and to find out how not to repeat them with clients outside.

There will be a maximum of 12 attendees to ensure that those attending gain the maximum benefit from the day.

Date: Tuesday 11 October 2016

Time: Registration 9.15am; Start 9.30am; Finish 4.30pm

Venue: Chubb, 4th Floor, Innovation Court, 121 Edmund Street, Birmingham B3 2HJ

This is a free event for CII members only. A sandwich lunch will be provided.

If this event becomes fully booked, please email us to be added to our reserves list and we will contact you if places become available: birminghaminstitute@cii.co.uk

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