Business Interruption Policy Wordings: Challenges highlighted by claims experience

by Harry Roberts, Damian Glynn

Overview

This easy to read book is the result of joint collaboration between the Insurance Institute of London (IIL) and the Chartered Institute of Loss Adjusters (CILA). Its aim is to deal with the most commonly encountered difficulties in business interruption (BI) policy wordings, examine the consequences and offer potential solutions. This initial report was not exhaustive and more complex issues needed deeper study. A study group, jointly chaired by Harry Roberts and Damian Glynn, was formed with the aim of addressing recurring problem topics on policy wordings identified by the BI community and CILA. This publication does not propose prescriptive new wordings but highlights those areas where clarification may help customers, insurers and adjusters. It does not claim to be exhaustive but examines the most commonly encountered problems areas with the objective of avoiding similar claims giving rise to different outcomes depending on a particular interpretation of a policy wording. This publication includes coverage of the following: The perceived definition of Gross Profit and how this can differ from the insurance policy definition The scope of cover for Rent and misunderstandings around Rent Receivable and Rent Payable The issues that arise when there is Wide Area Damage and the impact of Orient Express Hotels v Assicurazioni Generali SpA (2010) case Confusion around Suppliers’/Customers’ Extensions, using Buncefield as an example How Time Deductibles should be applied The intention of Underwriters in relation to Depreciation Savings

Product Details

ISBN-13:	9780900493959
Publisher:	The Insurance Institute of London
Publication date:	06/01/2013
Series:	First
Sold by:	Barnes & Noble
Format:	eBook
Pages:	122
File size:	855 KB

About the Author

Harry Roberts has been a key market figure in the adjustment of BI claims for the past 25 years. A chartered accountant by profession he has worked with Cunningham Lindsey since the 1980's and was part of the Special Adjusting Unit they established in 1988. In 2006-7 Harry was President of CILA. During his tenure he was instrumental in the launch of Special Interest Groups within CILA and has been a major figure behind the BI SIG ever since. Last year he authored the latest version of Riley on Business Interruption Insurance, published by Sweet and Maxwell. 
Damian Glynn is a Chartered Accountant and began his adjusting career at Cunningham Lindsey before joining Teceris the technical loss adjusting arm of Capita. In 2010 he joined vrs Vericlaim a specialist major loss and corporate loss adjuster, as Head of Financial Risks. Like Harry, he is a major figure in the BI loss adjusting profession and is regularly called upon to speak at BI seminars He has been instrumental in the formation and growth of the CILA's BI SIG and with Harry Roberts has led the policy wordings review undertaken by IIL and CILA  over the past 3 years.