Business Interruption Policy Wordings
We all know what 'contract certainty' means technically - that there needs to be a policy in existence at the start of the insurance. But when it comes to business interruption (BI), we think it would be a good idea to take the concept of contract certainty a little further.
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.
This document was revised and updated in 2024.
