Critical business interruption insurance learnings for brokers following the Infinity Reliance judgement
>> Event Overview
One of the most important judgements in recent times relating to BI insurance was made in the Infinity Reliance case, and brokers who fail to change their proceedings risk large PI claims against them going forward.
This case has shown brokers are very exposed to the following three areas:
1. If indemnity wordings are used rather than declaration linked.
2. Any broker guidance note must reflect the actual policy wording.
3. AICOW must be discussed when there are unusual exposures.
Average was applied by Aviva to the Bi claim following a large loss, and the broker was held liable for most of the shortfall, which was nearly £3m, due to their failure on the above three points.
This webinar, looks to understand how brokers are exposed following this judgement and how to take practical steps to ensure the right procedures to mitigate these exposures.
This webinar is a must for all broking staff and has significant relevance for underwriters and claims staff also.
>> Learning Objectives
Following this presentation delegates will be able to understand:
1. The key points of the Infinity Reliance judgement and how to mitigate their PI risk.
2. The difference between a BI indemnity wording and a declaration linked wording.
3. The difference between ICOW and AICOW.
4. The insurers definition of variable expenses on a BI wording.
>> Speaker Biography
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.
Venue
- Online
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.