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Business interruption claims
Association of British Insurers defines the business interruption insurance as a policy covering policy holders for loss of income during periods when it cannot carry out business as usual due to an unexpected event. Business interruption claims may be triggered by many factors such as fire, flood, or more recently cyber attacks. Policy holders are expected to post their claim covering different aspects of their businesses. Many people in the insurance industry considers business interruption claims as one of the most sophisticated insurance calculations due to the ambiguity around expense items that cannot be foreseen at the date of policy drafting hypothetical discussions around revenue.