Business interruption insurance provides cover for financial losses which arise as a consequence of property damage and which impacts on the profit, market share, growth and performance of a business. The cover is intended to aid the financial circumstances of the policyholder until it reverts to what it would have been if the claim did not occur. It should also cover continuing costs and extra costs incurred in order to mitigate losses.
Business interruption losses can be particularly problematic with difficulties arising in relation to appropriate indemnity periods, inadequacies in the sums insured and disputes over the quantification of the claim and the supporting evidence. We have links with specialist forensic accountants with whom we work as part of a team in order to deal with claims to be pursued by litigation, arbitration or some form of ADR.
Due to the complexities of business interruption cover in calculating the correct sums insured and indemnity periods and the range of different products available; under insurance or lack of insurance are common problems often leading to an investigation of a potential claim against the client’s insurance intermediary.
Business interruption cases often give rise to complex insurance coverage and recovery issues for which specialist insurance advice is required.
The team at Trethowans are skilled at dealing with insurance matters for insurers and business clients as well as policyholders, SMEs, their officers and directors, and other individuals in connection with insurance issues and claims.