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Business Interruption: Increased Costs of Working and Extra Expense

24 May 2017

London, United Kingdom
Business Interruption: Increased Costs of Working and Extra Expense

Underwriting & claims staff with an interest in engineering, energy & property insurance/reinsurance, wordings specialists and in-house counsel.

Mitigation measures can significantly reduce a potential loss of profit, but questions inevitably arise on issues including whether the expenditure is economic and the extent to which costs incurred during the Waiting Period are covered.

This masterclass will discuss the differences between Increased Costs of Working (ICW), Additional Increased Costs of Working (AICW), Expense to Reduce Loss (ERL) and Extra Expense(EE), as well as providing practical examples to illustrate how contentious issues arise in practise and how they might be dealt with.

This presentation will focus on:

  • defining ICW, AICW, ERL and EE
  • the application of the economic test
  • mitigation costs incurred during the waiting period
  • pro-rating costs
  • practical considerations with mitigation.
This event requires membership. Please visit the organiser's website for more information.

Details

Date:
May 24, 2017
Time:
3:30pm - 5:00pm UTC+0
Category:

Venue

The Old Library, Lloyd’s of London
One Lime Street
London EC3M 7HA  United Kingdom
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Other

Members only event:
Yes