Adjusting Today - Issue #3008: Business Income Insurance: Having and Understanding This Coverage Can Be Essential to a Company’s Survival

Property Insurance Roundtable

Our panelists agree - most business owners don’t completely understand the Business Income Coverage or coinsurance provisions within their policies. This discussion provides insights to navigating policies before you need to file a claim, the CP30 and what options you may have if not satisfied with the settlement offered from your insurance provider. If contacted during the policy buying decision process, a public insurance adjuster can help your business to get the proper coverage. For further information on this topic, please read our Adjusting Today article: "Business Income Insurance: Having and Understanding This Coverage Can Be Essential to a Company's Survival."

Key Takeaways:

[:35] Introducing the panelists

[1:04] Why is it so imperative commercial policyholders have adequate Business Income Coverage?

[4:02] How is the correct amount of business coverage calculated?

[7:54] How does coinsurance come into play when calculating Business Income claims?

[12:48] What responsibility does the insured have to resume operations in order to minimize Business Income losses?

[16:30] Do you believe commercial policyholders have an adequate understanding of Business Income Coverage?

[20:35] What options do policyholders have if they are not offered an adequate Business Income settlement?

[25:02] Relationship between the Business Income claim and the property claim

Panelists:

Steve Surace, Chief Financial Officer and Vice President - Adjusters International

Wendy Biety, Senior General Adjuster and Forensic Accountant - Globe Midwest/Adjusters International

Darin Checchia, Regional Vice President - Adjusters International/Basloe, Levin & Cuccaro

C. Todd Thomas, Executive Director of Consulting Services and Member of the Society of Risk Management Consultants

Brought to you by - Adjusters International