Description
This live on-line interactive course is designed for delegates, who have some experience of Business Interruption insurance and wish to expand and/or refresh their knowledge in this area.
The course will be highly interactive with delegate participation and engagement throughout. This all day course consists of two 90 minute and two 75 minute on-line sessions.
There will be a maximum of 10 delegates.
The course is delivered by a Certified On-Line Learning Facilitator (COLF) who is a Chartered Insurance Broker with over 40 years insurance experience.
What you will learn
Course Objectives
By the end of this course delegates will be able to
- 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 what cover is available for damage occurring away from the client’s premises and identify the main extensions available
- recognise the main features of a risk that will influence an underwriter in their assessment of acceptability and rating
- detail how a simple claim is settled and the role of the loss adjuster
- explain the main problems of handling this class of business and assist in overcoming them
Course Content
- 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
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