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Business Interruption: Potential changes to policy wordings

Airmic conference 18 June 2014. Business Interruption: Potential changes to policy wordings. Hymn 5.6. Payments on Account ‘Joyfully shall the funds go forth to thee’. What is it? An effort to provide contract certainty A Vehicle for change Not an end in itself.

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Business Interruption: Potential changes to policy wordings

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  1. Airmic conference 18 June 2014 Business Interruption:Potential changes to policy wordings

  2. Hymn 5.6 Payments on Account ‘Joyfully shall the funds go forth to thee’

  3. What is it?An effort to provide contract certaintyA Vehicle for changeNot an end in itself

  4. How did we get here?- Responding to a Consensus - Content: an apparently diverse range of topics

  5. Consensus – the contributors

  6. Content – who decided what was in?

  7. Contract certainty – Terminology Example: Gross Profit- A commonly used term by accountants for several Centuries - A term with a precise technical meaning in insurance policies

  8. Contract certainty – BI Extensions

  9. Back to our book of Hymns

  10. Penance - Lobby For change (Brokers, Insurers, everybody) - Clarify the policy response even if wordings don’t/can’t change (eg letters of agreement)

  11. Questions/discussion

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