Indemnity Periods and Business Recovery
Overview
Fixing an adequate indemnity period can be a challenging task. Understanding how businesses can be affected in the event of a crisis without prior experience is fraught with difficulty and can lead to a significant exposure if an inadequate period is selected.
The lecture explores the drivers behind periods of interruption and business recovery using real life examples across the three key sectors of manufacturing, services and retail/leisure.
The aim is to arm those with responsibility for setting, reviewing or sanctioning indemnity periods with the knowledge and confidence to ensure adequate protection.
The lecture includes an interactive discussion to reinforce understanding of the themes. This lecture is suitable for underwriters, claims handlers and brokers working in general insurance with a property element in their role.
Learning Objectives
At the end of this event, the delegate will be able to identify:
- key drivers behind how long it will really take a business to recover from a crisis
- dispel some of the myths behind setting indemnity periods – total loss is not the worst case scenario
- appreciate the different requirements between sectors and business.
Speaker
Mike Bond, Vericlaim
Mike Bond is both an experienced lecturer and a professional loss adjuster who has been dealing with claims most of his insurance
career. He specialises in major loss property damage and has worked in the UK and overseas. His insight and passion for the
industry shine through and always make his lectures engaging and worthwhile.
Mike has been a loss adjuster for 30 years, former Head of Property Claims for one of the national adjusting firms and since 2010 an Associate Director of Vericlaim UK Ltd. Mike was President of the Insurance Institute of Sheffield 2014/5.
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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.