Statistics show that business interruption claims, following major events such as fire or Nat Cats, are exceeding the costs of reinstating the property damaged as a consequence of said events. Yet, it is a complex line that needs deep understanding in order to sell and underwrite and subsequently settle claims.
This course is designed to explain the basic operation of the BI cover, and analyze in detail the policy wording most commonly used in Lebanon.
Underwriters, underwriting assistants, claims personnel, sales & distribution staff and account executives.
After finishing this workshop, the attendees will be able to:
• Define a Business Interruption policy
• Understand its purpose and key features
• Understand the terminology of a BI Policy:
• Learn how to calculate the Sum Insured
• Learn how to set the Maximum Indemnity Period
• Learn how to calculate a claim settlement
• Understand the difference between a Loss of Gross Profit and Loss of Gross Revenue/Income/Fees policy, a traditional BI and a Declaration- linked BI, ICoW and Additional Increase in Cost of Working (AICoW)
• Understand certain clauses such as Adjustment of Premium clause, Alternative Trading clause and Payment on account clause
• Get a brief overview of Contingent Business Interruption extension
6 hours (1 day or 2 half-days)