Business Interruption Insurance – Introduction

Business Interruption Insurance – Introduction

This participative workshop provides an introduction to the principles and practices of business interruption insurance. It explores the aspects which need to be understood by those involved in providing basic technical or administrative services.

At the end of this workshop participants will be able to: 

• Recognise some of the problems in handling this class of business and understand how the cover works alongside the material damage cover
• Explain the difference between a standing charge and an uninsured working expense and identify which figures from a set of accounts need to be included in the cover
• Outline the factors that will affect the setting of a correctly forecasted estimate or sum insured for gross profit, revenue and fees cover
• Describe the features of a business that will affect the setting of an appropriate Maximum Indemnity Period and know how the indemnity period is established in a claim
• Identify the main features of a risk that will influence an underwriter in their assessment of acceptability and rating and outline how these might vary for different types of businesses
• Explain how a simple claim is settled