Insurance Journal's Academy of Insurance
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Business income is the MOST important property coverage any insured can buy. Discover how simple the coverage really is during this five-part web series.
This 5-part series is broken down to five, 1-hour sessions which may be viewed at your convenience.
US Fire Administration and National Fire Protection Association (NFPA) statistics indicate that between 115,000 and 130,000 business-related structures suffer fire damage every year; that’s one structure every five (5) minutes. Between 25 and 33 percent of these business never reopen or close shortly after reopening, not because of the lack of property insurance but due to the lack of or improperly designed business income protection. Without income, no business can survive very long. Insurance agents and brokers either fail to sell or improperly structure business income coverage; setting their clients up for business failure following a major loss. Business income and/or extra expense are the MOST important property coverages any insured can purchase; and the coverage is not nearly as mysterious as agents believe. Remove the mystery and discover how simple business income coverage really is during this five-part Web series.”
Participants in this webinar will:
Webinar purchase Includes a free pdf copy of the book, Business Income Insurance Demystified: The Simplified Guide to Understanding Business Income Coverage ($40.00 value).
Part 1 - Conquer the Business Income Worksheet and Learn to Love It:In this class the dreaded business income worksheet (CP 15 15) is clearly broken into its component parts so that it can be easily understood and easily explained to your client. There is no reason to be frightened of the worksheet after this session.
Part 2 – Business Income is Just a Matter of Time: Calculating Coinsurance, Period of Restoration and Coverage Amounts:Coinsurance is nothing but a function of time. Calculating coinsurance is easy, once you have calculated the Period of Restoration – but that’s the hard part. This session details the all that must be accomplished during the period of restoration and how that period is longer than you think.
Part 3 – Income Loss Continues Even After the Insured Re-Opens / Insurable Vs. Compensable BI:Two topics are detailed in this third session: 1) Extended Business Income; and 2) the difference between income that is insurable, and the amount of business income that is paid. Students will learn that returning to operational capability is not the same as returning to pre-loss operational income levels; additionally, students learn why the amount of insurable business income is greater than the amount of compensable business income paid following a loss.
Part 4 – Non-Coinsurance Options for Those Still Scared of the Worksheet / Extra Expense Coverage:Although the business income report/worksheet (CP 15 15) should no longer hold any fear, you still need to know and understand the three non-coinsurance options because they do serve a purpose. Beyond these options, this session also details extra expense coverage – what it is, who needs it, and the best way to procure the coverage (the answer may surprise you).
Part 5 – Your Insured Depends on Others for Income / Business Income’s Policy Provisions:
Many of your insureds depend on the existence of other business for the economic survival of their business. What happens if the business on which your insured depends suffers a catastrophic loss and your insured suffers financially because of it; is there any way to cover that loss of income? Yes, and in this session you will learn how to protect your insured’s potential financial loss resulting from another party’s direct loss. Finally, this series ends with a discussion of the remaining business income policy provisions not previously discussed in this series.