Spotlight on BI - Know Your Limits: Considering BI Extensions

While a great deal of focus is –quite fairly – spent on the declared values and indemnity periods of a Business Interruption policy, many claims fall within sub-limits rather than the main cover. Such sub-limits can be boiler plate extensions and not attract the same scrutiny under renewal as the “big numbers” – I.e., declared values and limits of liability. However, a fire at an Insured’s key supplier or a flood blocking access to their main factory can cause significant disruption to a business which often goes beyond the lower indemnity periods and limits applied to such extensions. Are Insureds fairly warned about the risks associated with these lower limits, and how the policy would respond? How do we as adjusters on both sides of the table handle such claims? Through a series of case studies, we will cover the pitfalls and considerations of these BI extensions, and debate the issues affecting adjusters and claims preparers on both sides of the table. NOTE: This webinar has been made available by the Chartered Institute of Loss Adjusters (CILA) solely for the use and convenience of the viewer. The content, views and representations made in this presentation are the sole product and responsibility of the speakers who have produced it. By making this presentation available the CILA does not offer any endorsement or recommendation of the views and opinions expressed therein. For a full explanation of the terms and conditions upon which the CILA provides this webinar please see our full disclaimer which available on the Institute website.