Introduction to Business Interruption
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 course is designed for brokers or underwriters that have some basic knowledge of property insurance. Using real case illustrations and exercises the training will address the key issues of BI, understanding the cover and ensuring it meets client needs.
Who should attend?
This course is designed for brokers or underwriters that have some basic knowledge of property insurance.
Summary
Duration: 1 day
No of attendees: 12-16
Format: Online - Virtual delivery
CPD: Recognised
Objectives
During the course a number of exercises are undertaken (depending on the emphasis required) but will usually include: calculating the gross profit sum insured, factors that affect indemnity periods, assessing limits for supplier’s extensions. Example wordings will be used throughout the course.
Learning outcomes
By the end of the course the delegates will be able to:
• Explain how to overcome the problems of handling this class of business
• Explain 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
• Outline how the Covid 19 Business interruption litigation has impacted Business interruption insurance
• Explain in detail the main features of a business that will affect the setting of an appropriate maximum indemnity period
• Describe the typical coverage extensions provided on a Business interruption policy
• 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"
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.