Critical business interruption insurance learnings for brokers following the Infinity Reliance judgement

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, presented by Alan Chandler, one of the most popular presenters in the UK, 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.

The insurers definition of variable expenses on a Bi wording