This session will address a number of issues with regards additional expenditure from a practitioner perspective, including:
• What are increased costs and where is the cover shown in the policy schedule?
• What is the ‘economic limit’?
• How and when is it applied?
• Who decides if a cost is reasonably incurred?
• Does it matter when increased costs are incurred?
• What about benefit beyond the Maximum Indemnity Period?
• What is AICW?
• What are ICW only policies?
Learning objectives:
• Understand what increase in cost or working cover is
• Understand how it is applied in practice
• Appreciate its critical importance for loss mitigation