Business Interruption Maximum Indemnity Period: why 12 months is too short

Anyone involved in selling Business Interruption cover and managing Business Interruption claims.

• Maximum Indemnity Period – the two phases of loss
• Technical observations (eg do increased costs need to be incurred within the MIP?)
• When the Maximum Indemnity Period begins, subsists, and ends
• Why 12 months is too short, with practical examples
• Consequences for brokers of inadequate Maximum Indemnity periods

Participants will:

• Be confident explaining to clients why 12 months is too short
• Be armed with practical examples of why longer MIP’s are essential

Damian has chaired the Chartered Institute of Loss Adjusters’ (CILA) Business Interruption group for the last twelve years, and has previously set Business Interruption examinations. He regularly runs financial loss seminars throughout and beyond the UK, and has written various articles and books on the subject of Business Interruption, including co-chairing a widely read report on BI wordings issued by CILA and the IIL/CII (Insurance Institute of London/Chartered Insurance Institute). He co-authored the Basic BI book published by the CILA, and is the co-editor of Riley on Business Interruption Insurance.

Martha began working at Jelf (now Marsh Commercial) in 2013 as an Administrative Assistance and quickly moved into Sales and became a Team Leader for commercial scheme-based policies. Following 12 months working in Hamilton Bond Claims Consultants she moved into loss adjusting in 2018 within the commercial team in Birmingham. She has completed CILA and BDMA qualifications since then and mainly works with commercial losses and assisting on Major and Complex losses.

Martha has been involved in the Future Focus SIG within CILA since 2019 and has assisted with the creation of the E-mentoring platform. Still active within this team she is looking to assist with more up and coming projects in the near future.

For further details about the seminar, please visit the Bright Talk website:

https://www.brighttalk.com/webcast/18617/515701?utm_source=SedgwickInternational&utm_medium=brighttalk&utm_campaign=515701

Please note that you will need to set up an account with BrightTalk in order to access the webinar. You will then receive automatic reminders about the event starting and have a link to watch the webinar afterwards should you find yourself unable to participate on the day.

The Insurance Institute of Bradford values and respects diversity and strives in all of our activities to take account of and respect the interests of all people it serves. There is an expectation that all speakers / presenters and attendees will act in this way too. Please see our Equality Policy on our website.