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BUSINESS INTERRUPTION INSURANCE - 'A type of insurance that covers the…
BUSINESS INTERRUPTION INSURANCE - 'A type of insurance that covers the loss of income that a
business suffers after a disaster.'
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A liability is said to be
ascertained liability if it is
determined or fixed or
imposed under some contract,
law or other such act
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-Malaysia, 3 month- earlier
3 years- long period
make report, when facing loss
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2parties, insured & insurer
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- revenue- income earned during period
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- relocation-Temporary location
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- utilities-Typically stopped
Definition: “A contract by which one party promises to save the other from loss caused to him by the conduct of the promise or himself, or by the conduct of any other person,is called a Contract of Indemnity”
- Income that isn't documented-Important to document.
- Losses from partial closures
- Losses from closures caused by non covered damages
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Liability which is not determined/fixed and a provision is created for such anticipated
liability then it is to be added to net profit.
- Understand client’s needs & objectives
- Underwriting Considerations
- Type of Policies and Clauses
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- Actual experience of the
business before the loss
- Expected experience of the
business after the loss
- Actual experience of the
business after the loss-Mitigation