Business Interruption Insurance – Intermediate
- 6 CPD Hours
- Intermediate Level
- Online or Face-to-Face Workshop
Summary
This workshop is ideal for those with more than two years’ experience of handling business interruption insurance as a separate class of business, as it provides a more detailed study of some of the more complex features of business interruption insurance.
The workshop examines all the main aspects that need to be mastered by those involved in placing or underwriting this class of business.
Course Content
A detailed look at the main barriers to handling this class of business
Covers available – gross profit, revenue,fees, increased cost of working and additional increased cost of working
The main elements of the policy wording – extent of cover, important conditions, exclusions and clauses
How to select the correct figures from a set of accounts and then project them forward using the declaration linked and traditional (sum insured) methods
The features of a risk that have a bearing on the setting of the maximum indemnity period and how these affect the underwriter’s assessment of EML
How risk assessment and rating is influenced by the information obtained
The principles of claims handling and the role of the loss adjuster
Extensions commonly requested
Testing (optional)
Learning Objectives
- Understand how to effectively overcome the main problems in handling this class of business
- Understand how a gross profit figure is derived from a set of accounts
- Explain in detail the workings of the standard gross profit, revenue and fees policy covers and definitions and demonstrate how these are used to select the most appropriate cover
- Thoroughly understand the difference between the declaration linked and traditional methods of forecasting the amount to be insured and recognise the pros and cons of both
- Explain in detail the business features that affect how to set an appropriate maximum indemnity period and understand the implications of selecting an inappropriate period
- Explain how a simple claim is settled
- Explain the cover available under some of the main extensions, including damage occurring away from the customer’s premises
Ready to book?
Simply complete the booking form with your details and a member of our team will be in touch with the next available dates.
Any questions?
If you’re not quite sure if this course is suitable or are looking for further information, call our team on 0117 244 7221.