How to set correct business interruption sums insured

The session will be presented by Alan Chandler, one of the UK's most popular insurance presenters. He will take this opportunity to run through how business interruption (BI) insurance should be correctly set up. Alan will lift the myths away from BI and show how, in his easy-to-understand style, you can get this cover on a correct footing going forward.

Wrong advice relating to business interruption accounts for the second highest cause of professional indemnity claims against brokers. Many BI policies are set up incorrectly throughout the UK and a lot of this results from lack of good clear client advice. It does not help that the term ‘gross profit’ in the insurance world means something different from ‘gross profit’ in the accounting world.

The leading case of the Arbory Group demonstrates the courts have no time for brokers that fail to advise correctly around setting correct BI sums insured. This presentation will help broking staff advise correctly on setting gross profit, gross fees/revenue sums insured including how to make an allowance for inflation.

Online Booking
To reserve your place, please use our online booking system by clicking on the Book Now button below.

The session will be run using Zoom technology and a link to the meeting will be sent to those who register at the time of booking.

Interested, but can't attend?
Don't worry if you can't make the date/time of this webinar, it is being recorded. Please book a place as normal and we will send you a link after the event to access the recording.

Learning Objectives
By the end of this presentation you will:

• be able to help your clients set a correct gross profit sum insured

• be able to explain to your clients the difference between accounting gross profit and insurance gross profit

• be able to explain how to project a correct sum insured through an indemnity period

• be able to best set up the BI sums insured for service firms with no stock

About our Speaker
Alan has been an operations and project manager in three large global companies: Nat West Insurance Services, Royal Bank of Scotland insurance group and Allianz. In the last ten years running his own training company he has taken more than 1,000 people to ACII including six who achieved the top ACII pass rate in the whole of the UK. He has trained national prize winners in almost all CII subjects, has been a CII examiner and has a pass rate of 96% in CII training.

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