In this joint IIL/CILA book relaunch Damian Glynn and Harry Roberts will say that we all know what ‘contract certainty’ means technically – that there needs to be a policy in existence at the start of the insurance, but when it comes to business interruption, we think it would be a good idea to take the concept of contract certainty a little further.
The concern is that there as been a lack of clarity for a long time now – for insurers, adjusters and customers – over certain aspects of BI policies. For example, there is often a big difference between the technical meanings for words in a policy and the way those words are used in everyday business.
The Chartered Institute of Loss Adjusters and the Insurance Institute of London joined forces and in October 2012 published a book looking at the issues. Earlier this year, the Chartered Insurance Institute’s Society of Claims Professionals asked us to refresh the book which is being re-launched at this event.