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DTSTART;TZID=Europe/London:20240223T120000
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DTSTAMP:20260613T111618
CREATED:20240218T094722Z
LAST-MODIFIED:20240218T094722Z
UID:82146-1708689600-1708693200@staging.limestreetguide.com
SUMMARY:Book Launch: BI Policy Wordings: Challenges Highlighted by Claims Experience - 2024 edition
DESCRIPTION:BI Policy Wordings: Challenges Highlighted by Claims Experience – 2024 \nAt this launch of the 2024 edition of Business Interruption Policy Wordings: Challenges highlighted by claims experience\, Study Leaders Damian Glynn and Aruna Chandrapalan examine the impact of Covid-19. \nDescription\nIn June 2009\, the Chartered Institute of Loss Adjusters (CILA) organized a seminar in London to highlight confusion and uncertainty within BI policy wordings. CILA was mandated to take that project forward\, and a working group was formed representative of the whole market. The issues identified were then subjected to two tests – first\, is this a common problem? Second\, can it be resolved by tweaking policy wordings? If the answer to both was ‘yes’\, then this work incorporated the issue. So\, following that distillation of the initial ideas\, they had to be grouped into chapters. The initial report was published in 2012 by the IIL\, benefitting from cross-market input\, including brokers\, underwriters\, loss adjusters\, lawyers\, and loss assessors. \nFor each issue identified as a problem\, potential solutions were offered. Every effort was made to avoid dictating one remedy alone. Some Insurers adopted elements of the reports\, but wholesale adoption of the recommendations did not occur. \nIn 2019\, the report was refreshed. Although this meant adding a second preface\, the content remained unchanged. But the refresh was essential to avoid any perception that these were historical problems that had been resolved across the market. Covid-19 entered at the end of that year\, and business interruption insurance became a topic for discussion in parliament and the focus of legal action\, with cases still progressing through the courts. \nIn business interruption\, anything that pre-dates Covid-19 feels like ancient history. So\, the first reason this report is being refreshed again in 2024 is to avoid any presumption that the content is no longer relevant. The second reason is to highlight some key issues and be more pointed about those than the reports have been in the past. So\, in response to the two most common causes of business interruption under-insurance (or under-declaration)\, this update: \n\nSuggests that it is now time to stop using the term ‘Gross Profit’\, and\nHighlights the recommendation that insurers take responsibility to multiply annual amounts for longer maximum indemnity periods.\n\nContinuing to use terminology that the evidence shows confuses people is not going to produce the Good Outcomes required by the FCA in the Consumer duty that came into force last July. \nDepreciation: given that the Mobis Parts case in Australia came to the opposite conclusion to the UK courts regarding whether this is a saving\, clarification is needed in policies. The commercial tension in encouraging mitigation whilst retaining a retrospective economic test is highlighted. \nThe Wide Area Damage content has been removed now that the FCA Test case has clarified the position (albeit the solution recommended back in 2012 was not inconsistent with the outcome of that case). \nLearning objectives:\n\nWhy it’s now time to stop using the term ‘Gross Profit’\nWhy it would be better if insurers (rather than policyholders) took responsibility to multiply annual amounts for longer maximum indemnity periods\nAppreciate the commercial benefit to all parties in waiving the retrospective economic limit test in some situations\n\nSpeakers\n\nDamian Glynn BA (Hons) FCA FCILA FUEDI ELAE FIFAA\, Director\, Head of Financial Risks\, Sedgwick International UK\nAruna Chandrapalan BSc (Econ) Hons\, ACMA CGMA\, ACILA\, CFE\, Head of Forensic Accounting Services\, Asia\, Sedgwick Singapore\, Chair of the CILA BI SIG\nChair and moderator: Andrew Birt BSc (Hons)\, Executive Director and Head of UK Projects\, Howden\nTim McGain\, Head of Property\, Allianz\n\n  \nFrom 23 February 2024\, RS 265: Business Interruption Policy Wordings – challenges highlighted by claims experience\, 2024 edition\, will be available for download from the Chartered Institute of Loss Adjusters. It is also available in printed format and bundled with a PDF copy for £30 from the Insurance Institute of London’s website at www.iilondon.co.uk/home/publications/. \n		\n\n							\n					Share this event with your colleagues:\n				 \n			\n			\n\n								\n		\n\n							\n\n					\n						\n						 \n					\n						\n							\n\n							\n																Facebook\n									\n						\n\n											\n					\n									\n							\n\n					\n						\n						 \n					\n						\n							\n\n							\n																Twitter\n									\n						\n\n											\n					\n									\n							\n\n					\n						\n						 \n					\n						\n							\n\n							\n																LinkedIn\n									\n						\n\n											\n					\n									\n							\n\n					\n						\n						 \n					\n						\n							\n\n							\n																Email\n									\n						\n\n											\n					\n									\n			\n					\n		\n			\n		\n		Visit Event Website
URL:https://staging.limestreetguide.com/event/bi-policy-wordings-challenges-highlighted-by-claims-experience-2024/
LOCATION:Online
CATEGORIES:Online,Education & Training,CPD Certified
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ORGANIZER;CN="The Insurance Institute of London (IIL)":MAILTO:Iil.london@cii.co.uk
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