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Business Income Claims: Resolving Problems

State Approved CE Credits: FL NH OK TX

Monday 3:30 - 5:00
Tuesday 3:30 - 5:00

Robert C. Burrell, JD CPCU, Attorney, Borgelt Powell Peterson et al
Curtis J. Reynolds, CPA, Partner, Insight Forensic Accountants
Scott Wittliff, AIC, SCLA, Property Specialist, ACUITY A Mutual Insurance Co.

  • Define steps an insurer should take in the initial claim handling process, including contact with insured, coverage evaluation, reservation of rights, requesting documents
  • Identify specific business income/extra expense–related documents to be requested from the insured at each step of the claim process
  • Evaluate proper claim handling for several challenging claim scenarios
  • Outline the role of each of the participants in the business income/extra expense claim handling process--adjuster, accountant, attorney, etc.
  • Establishing Realistic Business Income Loss Reserves

    State Approved CE Credits:FL NH TX

    Monday 1:30 - 3:00
    Wednesday 8:30 - 10:00

    Scott Klaben, National General Adjuster, Zurich Financial Services NA
    Wayne D. Sowers, CPCU, Sr. Executive General Adjuster, Cunningham Lindsey
    Katharyn Thompson, CPA, Accountant, RGL Forensics

  • Identify specific information an adjuster should obtain in initial communications with the insured, e.g., how the business operates and the possible impact of the loss on operations
  • Assess the information provided and explore potential loss amounts using various scenarios
  • Determine the insured's needs for advances, evaluate the impact of the policy deductibles and waiting periods on the potential loss, and set up a protocol for making advances if appropriate
  • Reevaluate the preliminary results, establish the indemnity period, and determine the frequency of when to adjust the reserves and how best to present that request
  • Time Element: Gross Earnings vs. Gross Profit

    State Approved CE Credits:FL OK TX

    Wednesday 1:30 - 3:00
    Tuesday 1:30 - 3:00

    Andrew T. Clark, CPA CFE, Vice President, Meaden & Moore
    Christopher Wilkie, MBA, AIC, SCLA, GRP, Executive General Adjuster, Zurich Financial Services NA

  • Review the customary Gross Earnings and Gross Profit insuring agreements and identify the differences between the two time element approaches
  • Examine the potential challenges of each time element measurement approach
  • Review examples of the application of each time element measurement approach
  • Explore customary extra expense issues in time element losses under each measurement approach
  • Time Element: When Disaster Strikes … Next Door

    State Approved CE Credits:FL OK TX

    Monday 10:30 - 12:00
    Tuesday 10:30 - 12:00

    James Chin, JD, Shareholder, Carlton Fields
    Brian J. O'Connor, Sr. Executive General Adjuster, Engle Martin & Associates
    Glenn Ricciardelli, CPA, Partner, Matson Driscoll & Damico, LLP

  • Identify common coverage issues that arise with time element claims under Off Premises Power/Civil Authority/Ingress Egress coverage
  • Explore how business income and extra expense coverage responds to time element claims under Off Premises Power/Civil Authority/Ingress Egress coverage
  • Examine the investigation and accounting challenges unique to time element claims under Off Premises Power/Civil Authority/Ingress Egress coverage
  • Evaluate potential coverage limitations under various loss scenarios, as well as pertinent case law
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