Problems with Advance Loss of Profits Claims
This paper highlights some of the underwriting and claims handling problems that can be encountered with claims for Loss of Advance Profits.
Such claims are often attached to major projects and so the writer first discusses the features of major projects and how they can affect the underwriting risk. Reference is made to geographical location, plant, management team experience, project feasibility and future customers. The writer then shares his experience of the issues that can arise in relation to claims handling including policy wordings, mitigation measures and financial measurement of the loss.
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