The Chartered Institute of Loss Adjusters, the Society of Claims Professionals and the Insurance Institute of London have issued a joint update on how insurers might clarify the wording of business interruption policies.
The institutes found a variety of terms being used to clarify what insurers would pay out in the event of a business being unable to operate and make a profit.
For example, some insurers were found to have stopped using the term 'gross profit' and instead refer to 'insurable profit' or to 'insurance profit'.
During the past six years, the institutes noted that the limited change to wordings seen represented "tweaking" of terms that would enable policyholders to understand what they could claim for in the event of business being interrupted.
There has more recently been wholesale adoption of many of the recommendations in policies, supporting a need for this refreshed edition, which was first issued in October 2012 and has received more than 260,000 hits. To read the updated PDF, visit: bit.ly/2MNegxE