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The Business Interruption Book: Coverage, Claims, and Recovery
Summit Business Media, Oct 2010, Pages: 405
An almost infinite variety of events can lead to business interruption losses. In the extreme, such events severely impair a company’s ability to compete. Risk management means taking steps to avoid such unfortunate and unforeseen events and having a strategy for responding to them when they occur.
Certainly, business interruption insurance is one of the most important tools in a commercial entity’s risk-management arsenal. In theory, recovering from an insurance policy for a business interruption and extra expense loss should be straightforward.
As one of the authors notes early in this book, the credo is “Reimburse us for the income we would have earned, but for the insured event.” Business interruption coverages and claims are never that simple in practice.
Proving to the satisfaction of an insurer what did not occur but would have occurred but for the interruption can be unexpectedly difficult. Both claimant and insurer need a thorough understanding of business interruption, the coverages and endorsements involved, and the complexities of preparing, filing, and determining claims.
In many cases, an extraordinary volume of work must be performed by dedicated specialists, including accountants and lawyers who have particular expertise in handling complex claims, as do the authors of this book.
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