Business Interruption and Dependent/Contingent Business Interruption Coverage: What Is It, How Is It Triggered, What Is It Intended to Cover, and Can Carriers Respond to the Needs of the Insureds?
What is it about?
- Business interruption coverage
- Are we starting to see broadening of the triggers?
- From a policy holder’s perspective, what is business interruption? What is it intended to cover? Does cyber business interruption operate differently than business interruption from a property perspective? How is it triggered?
- From a carrier’s perspective, what does the wording look like? What is the difference between a system being down versus a system being degraded? What sort of information is a carrier looking at when analyzing it?
- How can insurance companies and brokers ascertain what insureds want within the business interruption coverage? What sorts of failures are insureds looking insurance companies to cover and what are insurers willing to cover? Do insurers understand how to underwrite that?
- Dependent/Contingent BI
- How far can insurers extend this coverage given that a carrier is agreeing to cover its insured for the actions of someone else?
- How is an insurer to evaluate various third parties