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.