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Business Interruption Policy Wordings

This report is the culmination of a 3 year, cross industry project to identify and comment on recurring problems within business interruption policy wordings.

The project focused on problems that are capable of being resolved by changes in policy wording and the report considers: gross profit, material damage, rent, declaration linked policies, damage, wide area damage, premises, denial, prevention and hindrance of access, suppliers and customers extensions, increase in cost of working, outsourcing, fines and penalties, auditors’ and accountants’ charges, time deductibles, alteration condition, maximum indemnity period, depreciation savings and claim notification.

File Type: pdf
Author: CILA Business Interruption SIG, Insurance Institute of London