Business Interruption Review

AFSL compliant Claims Preparers

Business Interruption is a complex insurance area and best understood by specialists that has dealt with this aspect. These specialists are usually accountants.
We have ex-Business Interruption loss adjusters and AFSL compliant Claims Prepares that can advise you in this specialised area of cover.
  • Revenue
Your policy is based on Gross Profit not Revenue/Turnover. Have you taken this into account in arranging your BI cover.
  • Accounting GP vs Insurance GP
The definition of Insurance Gross Profit is different than the accounting definition of Gross Profit. You need to nominate uninsured working expenses.
  • Uninsured Working Expenses
Those variable exenses which ceases when you have a loss. They need to be excluded from your Insurance Gross Profit and specifically outlined in your policy schedule to remove uncertainty on coverage.
  • Manufacturing Operations
How do you treat direct manufacturing wages? For how long will you need these staff after a total loss incident? Have you considered this?
  • Dual Wages Payroll
What will happen to your staff after a total loss incident? How long will you keep paying them? Identifying and insuring Payroll seperately will reduce your premium.
  • Additional Increase in Costs of Working
This cover item allows recovery of additional expenses incurred to both mitigate the loss as well as to maintain or resume normal business operations. It allows your business allows you to incur additional costs necessary to retain customers with whom you have contractual supply obligations. Examples could include outsourcing storage, overtime labour, rental of temporary premises and fitting out those temporary premises, airfreight, expediting repairs on equipment and discounting supply of goods, premium rates for storage etc.

Need advice on Business Interruption?

Call us today on 0468461999 or fill out the form

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Location
Cnr South Pine and Leichts Road Brisbane 4500 AU
Phone
0468461999
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