How to set correct business interruption sums insured in a high inflation world

>> Event Overview

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 causes 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 throughout 2023 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

This presentation will show you how to help your clients set a correct gross profit sum insured. By attending you will be able to explain to your clients:

• The difference between accounting gross profit and insurance gross profit.
• How to project a correct sum insured through an indemnity period.
• How to best set up the BI sums insured for service firms with no stock.

>> Speaker Biography

Alan 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'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 major insurers and brokers, including Zurich, Allianz, Aviva, Hiscox, NIG, Gallagher, Aon, Towergate, GRP, Aston Lark, James Hallam and Marsh.

Alan has undertaken operational management roles in three major global companies running underwriting, broking and claims functions. In order to fulfil a long-term ambition, he set up his own training company, something that he had always longed to do as he is passionate about training. A number of Alan’s pieces of work have been published internationally and he is regularly called upon to provide expert legal guidance on insurance matters.