The Business Interruption Book: Coverage, Claims, and Recovery
Summit Business Media, October 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.
Foreword
Editor's Preface
Preface
About the Authors
The Stanley Furniture Story
The Team Approach to Success
Chapter One: Insuring Changing Exposures
- The Evolution of Business Interruption Coverage
Chapter Two: Common Elements of Coverage
- The Fundamentals of Standard Policy Forms
Chapter Three: Planning for the Future
- Customizing Coverage Using Manuscript Forms
- Business Interruption Policy Language Comparison Chart
Chapter Four: Before a Loss
- Establishing Business Interruption Limits
- Work Sheet Instructions
- A Guide to Completing the ISO Business Income Work Sheet
- Business Income Report/Work Sheet
Chapter Five: The Loss Adjustment Process
- The Mindset of a Claims Adjuster
- Sample Loss Adjuster's Report
- Claim Scenario: The Developer
- Claim Scenario: An Inferno of Losses
Chapter Six: The Claim Recovery Process
- Building the Team, Knowing the Plan
- Northern Frozen Foods Preliminary Report and Schedule
- Claim Scenario: Hospitality Industry
- Claim Scenario: NaviPorte and Grisham Industries
Chapter Seven: Calculating the Business Interruption Loss
- A Challenging Task
- Case Study-Greater Mass Hat Manufacturing
- Calculation Theories: Hindsight Versus Foresight
- Frequent Questions about Business Interruption Losses
Chapter Eight: The Top Ten Common Disputes in Business Interruption Claims
- Perspectives from the Field
- Claim Scenario: High Octane Refinery
- Claim Scenario: Tulla Mulla Distillers
Chapter Nine: Business Interruption and the Law
- Policies, Procedures, and Strategies for Resolution
- Interview with Daniel Sobczynski
- FM Global Advantage Specimen Form
Index
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