Business Interruption Solutions in an Uncertain World: A Multi-dimensional Approach

Business Interruption resulting  in partial or total closure of the affected Business or added costs, has been flagged by many experts as one of the most significant risks faced by Corporates in the current milieu. Emerging risks like Cyber Attacks & Pandemics have further accentuated the need to find appropriate risk transfer mechanisms.

Such Interruptions in the Business resulting from delays in reinstatement, loss of customers, labour issues, or a combination of all these three factors, can extend over many months & even years. Increased costs of doing business can be substantial & impact both the earning capacities and put pressure on diminishing cash flows.

But sadly, in spite of all this, the insurance penetration for these types of policies remains abysmally low. The most likely reason for this could be that we as an Insuring community do not effectively market such products. This may be due to our lack of expertise around them.

The course content has thus been designed with a view that, upon completion of this 1-day workshop the participants will feel comfortable in providing best of class insurance expertise to their customers & clients at par with international standards.

The Facilitator’s classroom delivery will concentrate not only on theoretical aspects, but underwriting nuances of these multiple Business Interruption Policy variants as suited for different exposures will be presented with a number of practical examples; claim incidents & international best practices.

Start: Monday, 7 December 2020

End: Monday, 7 December 2020

09:00 AM - 17:00 PM
Virtual Training

Early Bird before 13 November

S$ 428

After FTS 95% Grant

S$ 48 Net to IG (incl. of $28 GST) Pending for IBF Approval

Overseas Based

S$ 430

Normal Registration

S$ 481.40

The course fee is eligible for Skill Future Credit claims.

Course Overview

Business Interruption resulting  in partial or total closure of the affected Business or added costs, has been flagged by many experts as one of the most significant risks faced by Corporates in the current milieu. Emerging risks like Cyber Attacks & Pandemics have further accentuated the need to find appropriate risk transfer mechanisms.

Such Interruptions in the Business resulting from delays in reinstatement, loss of customers, labour issues, or a combination of all these three factors, can extend over many months & even years. Increased costs of doing business can be substantial & impact both the earning capacities and put pressure on diminishing cash flows.

But sadly, in spite of all this, the insurance penetration for these types of policies remains abysmally low. The most likely reason for this could be that we as an Insuring community do not effectively market such products. This may be due to our lack of expertise around them.

The course content has thus been designed with a view that, upon completion of this 1-day workshop the participants will feel comfortable in providing best of class insurance expertise to their customers & clients at par with international standards.

The Facilitator’s classroom delivery will concentrate not only on theoretical aspects, but underwriting nuances of these multiple Business Interruption Policy variants as suited for different exposures will be presented with a number of practical examples; claim incidents & international best practices.

Training Agenda

  • Business Interruption Basics: Importance of BI Insurance; Material Damage Proviso
  • Accounting Basics: Profit & Loss and Trading Accounts; Gross & Net Profits; Variable & Standing Charges
  • BI Policy Fundamentals: Maximum Period of Indemnity; Actual Indemnity Periods; Sum Insured on ‘Difference’ Basis. Comparison with Addition Basis; Correct basis to arrive at GP
  • The ‘Gross Profit Specification’: Reduction in Turnover and Increased Cost of Working (ICOW); Annual & Standard Turnover Periods, Rate of Gross Profits; Trends Clauses; Average condition
  • Important clauses & endorsements: Departmental; Alternative Trading; Professional Fees; Return of Premium; Additional-ICOW; etc.
  • Comparison of different types of BI specifications: (Revenue; Gross Income; Gross Rentals); New Business Clause
  • Contingent Business Interruption (CBI): Suppliers’ & Customers’ extensions; Public Utilities; Denial of Access; Loss of Attraction; Wide Area Damages
  • Other Consequential Losses covers: BI following Machinery Breakdown; BI under Cyber Risks Policies

For Whom

Brokers, Account Managers; Agents; Company Underwriters & Claims-handlers, Reinsurers, Risk Managers and Corporate Executives wishing to gain a good working knowledge of Business Interruption Insurance and advanced topics like Contingent Business Interruption & Denial of Access.

 

Facilitator

  • SUHIRD KAMRA
  • An experienced International Property & Casualty Underwriter with expertise in Liability and Financial Lines of Business.
  • Has in-depth understanding of both the Asian and North American Property & Casualty Markets and has headed a large Commercial Team with a major Insurance Company in Canada and handled large Property & Casualty accounts.
  • Headed the Underwriting for Larsen & Toubro General Insurance Company which forms part of the world’s leading Engineering & Construction House handling major projects in India and across Asia, Africa & Middle East.
  • 30 years of rich practical experience in the Financial Sector – Banking & Insurance.