Advanced Business Interruption Training Course

Aims

The aim of this course is to provide a comprehensive analysis of the key elements of the BI policy and how BI works in practice. We shall look at covers and policy benefits, and work on guiding clients on Sums Insured, maximum indemnity periods, policy clauses and claims. After attending this course, participants should have a strong understanding of the major aspects of Business Interruption Insurance, to assist in correctly assessing clients’ needs, arranging adequate cover for them and driving forward their claims.

Key Learning Objectives:

• To raise understanding of BI covers, principles & the policy formula
• To help attack for new business, underwrite BI covers and resolve BI claims
• 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

Opening thoughts and introductions

Getting what you want from today

Participation and questions

Finding the right level of learning for all delegates

Major Aspects

• 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
• 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, drains etc
• Ways of insuring Rent
• Advance Profits – spotting the need, selling and underwriting it
• Some useful policy clauses
• Some lessons from BI litigation