Introduction to Business Interruption Insurance
This interactive course is designed to develop knowledge and skills in this specialist topic. The course provides expert insight and builds in real life examples and practical application to bring the subject to life wherever possible. The duration of each course is typically one day, but this can be tailored to the needs of your group. This one day interactive course provides participants with an opportunity to explore Business Interruption insurance in more depth than the Introduction level workshop.
Who should attend?
This one day interactive workshop is suitable for delegates who have had a hands-on experience with this class of business for a minimum of two years.
Summary
Duration: 1 day
No of attendees: 12-16
Format: Online - Virtual delivery
CPD: Recognised
Topics Covered
The course takes a practical and thought provoking look at:
- Typical Customer Attitudes shown to Business Interruption Insurance and the Role of the Broker in Overcoming Problems Arising from these
- A Comprehensive Review of Gross Profit Cover, including the other main covers (Revenue, Fees, Increased Cost of Working, Additional Increased Cost of Working)
- Setting an Estimate or Sum Insured from a Set of Accounts and projecting this using both Declaration Linked and Traditional Methods
- Features that have a Bearing on the Setting of the Maximum Indemnity Period and how these can affect the Underwriter’s Assessment of EML
- Risk Assessment and Rating Influenced by the Information Obtained from the Client
- Business Interruption Extensions Commonly Requested
- Calculating a simple business interruption claim
Learning outcomes
By the end of the workshop delegates will be able to :
- Explain how to overcome the problems of handling this class of business
- State in detail how a gross profit figure is arrived at from a set of accounts
- Explain in detail the workings of the standard gross profit, revenue and fees policy covers and definitions and explain how they work in practice to enable delegates to select the most appropriate cover for their clients
- Provide a detailed explanation of the difference between Declaration Linked and traditional (sum insured) methods of arriving at a gross profit figure and recognise the advantages and disadvantages of both
- Explain in detail the main features of a business that will affect the setting of an appropriate Maximum Indemnity Period
- Detail how a simple claim is settled and the role of the loss adjuster
- Recognise the main features of a risk that will influence an underwriter in their assessment of acceptability and rating
- Detail what cover is available for damage occurring away from the client’s premises and identify the main extensions available
To discuss this course or your learning needs
Your CII Relationship Manager would be delighted to explore your learning needs and can draw on the expertise within the CII Learning Solutions team to support you further.
Please speak with your Relationship manager in the first instance or contact business.enquiries@cii.co.uk for more information.