Business Income is probably the most complicated and misunderstood coverage form of Property and Casualty Insurance, and yet it is critical coverage for every insured.
This workshop is designed to educate the insurance professional in key elements of coverage to enhance their ability to consult with insureds regarding their exposure and the coverage provided by Business Income insurance.
Who is this program for?
Any level insurance professional looking to expand their knowledge of business income
Program Learning Objectives
In this workshop, we will review the basics of coverage under an ISO Business Income with Extra Expense Coverage form, presented as groundwork to apply to the case study insured used throughout the remainder of the program. We will work together to determine if their current Business Income limit is adequate by reviewing what we know the form will cover, along with the information provided by the insured’s current policies and applications. In small groups, participants will work on the development of a more credible limit, and length of time this insured may be out of business following a significant loss. We will then explore the issue of fluctuation of income as a result of a peak season, and how to account for that, and compare the ISO coinsurance and non-coinsurance options for Business Income. Finally, in small groups, participants will investigate specific common claim scenarios to determine if the coverage form can respond.
Topics Covered in This Program Include:
- What is business income designed to cover?
- How long is the coverage form designed to continue to pay for a covered business income loss?
- How do coinsurance and blanket concepts compare in direct damage coverage versus indirect damage coverage?
- How can the insured’s insurance applications for GL and WC assist in determining if the current Business Income limit is adequate?
- How can an Income Statement be used to help determine a 12-month exposure to a business income loss?
- How does a Peak season affect the selection of the proper limit and how do we account for this?
- How do the non-coinsurance options compare with the coinsurance option in a claim scenario?
Virtual Delivery Details
Hartford School of Insurance virtual training programs are live, instructor-led courses that are delivered through an online/virtual format via the Internet. These courses provide comprehensive and interactive instruction while encouraging participation and engagement. The program incorporates activities, application sharing and an online chat feature to connect with the instructor and other students. Participation in the three-hour workshop is a full commitment and require students to give 100% of their focus and time for the duration of the program.
This program runs from 12pm - 3pm ET (11am - 2pm CT, 10am - 1pm MT & 9am - 12pm PT).
Sessions are hosted by Adobe Connect. To test your system requirements and compatibility prior to your session, use the System Check Tool
For additional questions or guidance about this program, please contact one of our Sales Consultants at (800) 772-0208.
Tuition
Tuition: $99
Tuition can be paid using Master Card, Visa, American Express or check.
If your primary work location is in Connecticut, Hawaii, New Mexico, South Dakota or West Virginia you are required to pay state tax on non-continuing education courses.
Continuing Education Credit
This virtual program is filed for CE credit. Click Here to view Continuing Education (CE) credit hours filed in your state. Students wishing to obtain CE Credits must be licensed prior to attending the program. Please note: CE credit hours are subject to change per insurance department regulation and reviews.
If you are planning to obtain CE credits for this program, you must confirm your state of licensing before attending class. This information should be provided at registration or prior to class.
Have a CE question? Call our Training Coordination service team at (800) 772-0208.
Cancellation Policy
- Cancellations received more than 30 days prior to start of the program will receive a full refund.
- No refunds will be issued for cancellations received less than 30 days prior to the start of the program.
- Students will be given one opportunity to transfer to another session, preferably within the same calendar year.
- Refunds are not available for transferred programs.
