Description
Business interruption insurance is proving to be a lifeline for some businesses which may need to recover on pending claims to survive. A policyholder's likelihood of recovery depends on understanding the "business interruption (BI) formula" of insurance.
But calculating losses are usually far more complex since policyholders must estimate their losses, assuming that the loss event did not occur. This requires working with projections and assumptions.
When a widespread event impacts an entire economy or area, there are sometimes disputes over whether to consider post-loss market/economic conditions in calculating the insured's business interruption losses. Courts grapple with whether business spikes in the immediate aftermath of a disaster should be considered. Start-up businesses may face unique difficulties.
Further, courts may be inclined to favor finding coverage or not, depending on the type of disaster, nature of the business, and policy language at issue.
Listen as this experienced panel guides counsel regarding calculating business interruption claims, when to involve accounting experts, what types of challenges to expect, and how a court's approach can significantly affect recovery.
Presented By
During his extensive career, Mr. Critelli has accumulated thirty years of experience working in various aspects of the Insurance Industry, including policyholders and carriers. He has spent the majority of his career consulting and providing forensic accounting services, damage measurement, and financial investigation support for national and international level clients. Mr. Critelli's particular insurance expertise includes commercial property claim preparation, business interruption, builder’s risk, construction delay & defect, soft costs, cyber-attack claims, expert witness services and other property/casualty insurance matters.
Mr. Gilinsky is an experienced commercial litigator who applies his complex analysis skills with extensive experience in insurance coverage analysis and litigation and dispute resolution. His insurance coverage practice is focused on property insurance, commercial general liability insurance, directors' and officers' (D&O) insurance, captive insurance and reinsurance issues.
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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Date + Time
- event
Tuesday, March 29, 2022
- schedule
1:00 p.m. ET./10:00 a.m. PT
- Business interruption formula
- Top-down and bottom-up approaches
- Particular concerns when damage is widespread
- Documents needed
- Projecting profits
- Special considerations
The panel will review these and other pivotal issues:
- How can counsel research how a court approaches the calculation process?
- What is the best approach to maximize recovery?
- Should outside consultants be engaged?
- What mitigation strategies are required?
- What costs are usually excluded from the loss?
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