How to set correct business interruption sums insured in a high inflation world
How to set correct business interruption sums insured in a high inflation world
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.
Wrong advice relating to business interruption accounts for the second highest cause of professional indemnity claims against brokers. Many Bi policies are set up incorrectly throughout the UK and a lot of this results from lack of good clear client advice. It does not help that the term Gross profit in the insurance world means something different from Gross Profit in the accounting world.
Double digit inflation in the UK is making the significant problem of under insurance much worse. Global challenges will mean that inflation will remain high and will lead to an even greater problem of under insurance.
The leading case of the Arbory Group demonstrates the courts have no time for brokers that fail to advise correctly around setting correct Bi sums insured, and this presentation will help broking staff advise correctly on setting Gross Profit, Gross fees/revenue sums insured including how to make an allowance for inflation.
Learning Objectives:
Following this presentation delegates will:
- Be able to help your clients set a correct gross profit sum insured.
- Be able to explain to your clients the difference between accounting gross profit and insurance gross profit.
- Be able to explain how to project a correct sum insured through an indemnity period.
- Be able to best set up the BI sums insured for service firms with no stock.
About the speaker
Alan Chandler is widely regarded as one of the most popular and respected insurance presenters in the world. He has taken thousands of people through to Acii qualification including many national prize winners, as well as delivering a vast array of technical presentations on Commercial and Personal lines insurances. Alan has raised the pass rates in Cii exams where he is involved from under 40% to 99% demonstrating why he is so well regarded.
Alan's webinars have been viewed across Europe, Asia, Africa, Australia, North America and South America and his audience numbers last year were well over 100,000. He has devised and delivered training programmes for the Cii as well as most of the major insurers and brokers including Allianz, Zurich, Lloyd's, Hiscox, Aviva, Admiral, Gallagher, Aon, Towergate, GRP, Aston Lark, James Hallam Marsh, and the Worshipful Company of Insurers, however, Alan is equally happy to be devising and delivering programmes for small independent brokers and MGA's. He has a real passion for equipping staff to pass Acii exams and learn new technical concepts and it is his plain English way of presenting that has made him so popular.
CII Accredited
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's 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.