DESCRIPTION
For many businesses, when loss occurs, it’s not just the devastation of the loss of property facilities that they trade from, but the wider impact of having to temporarily close to allow the insurers to reinstate the property; it’s the loss of business and income. In this course, you will explore what business interruption is and the connection with property insurance.
We will discover how business interruption can be set up, how cover is set and the typical policy extensions and exclusions that you can expect to find within a policy wording. Finally, we will explore how a policy will respond to such losses.
OBJECTIVES
- Explain the benefits of business interruption
- Identify how cover is provided to match the insured’s business activities
- Understand important factors on setting the sums insured and indemnity period
- Identify how and why claims are made
