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CILA BUSINESS INTERRUPTION SPECIALIST INTEREST GROUP IS DEPRECIATION A SAVING? SIG CONFERENCE 29 TH OCTOBER 2007

CILA BUSINESS INTERRUPTION SPECIALIST INTEREST GROUP IS DEPRECIATION A SAVING? SIG CONFERENCE 29 TH OCTOBER 2007. Depreciation as a Saving. The Joy of Business Interruption. Rental Periods Insolvency Bank Interest Proximate Cause Wide Spread Loss Blighting

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CILA BUSINESS INTERRUPTION SPECIALIST INTEREST GROUP IS DEPRECIATION A SAVING? SIG CONFERENCE 29 TH OCTOBER 2007

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  1. CILA BUSINESS INTERRUPTION SPECIALIST INTEREST GROUP IS DEPRECIATION A SAVING? SIG CONFERENCE 29TH OCTOBER 2007

  2. Depreciation as a Saving The Joy of Business Interruption • Rental Periods • Insolvency • Bank Interest • Proximate Cause • Wide Spread Loss • Blighting • Engineering – Time Excesses • Depreciation as a Saving

  3. Depreciation as a Saving • Is Depreciation a Saving – What is CILA’s position? • Don’t have a single view but we could: a) Take a vote on it. b) Seek a legal interpretation. c) Pass.

  4. Depreciation as a Saving • Professional Standards – Compare CILA with Other Professional Bodies • Forensic Accounting Seminars

  5. Forensic Accounting Seminars • Carbon Credits • Make-Up at Uninsured Group Plant • PD Sub Limit and Expense to Reduce Loss • Mitigation Through Movement of Maintenance Period • Time Period to be Considered for Adequacy of Sum Insured • Inducement Payment to Customers ICW or Not Covered Economic Measure • Depreciation • Original Loss or New Event • Contingent BI Covered, Not Covered, Excluded • Application of Deductibles Not Specifically Defined • Customers Extensions – Failure to Rebuild • Availability of Resources in Catastrophe Losses • Projection in Catastrophe Event

  6. Depreciation as a Saving • Professional Standards – Compare CILA with Other Professional Bodies • Forensic Accounting Seminars • Preference for Mystery • Adjuster Roulette • Contract Certainty

  7. Depreciation as a Saving Development of the Standard • Research Past Papers • Inconclusive (Definitely) • Developed Strategy to Drive Change in Policy Wordings • Consultation a) Within SIG Committee b) With Cross Section of External Parties c) With SIG Membership as a Whole

  8. Depreciation as a Saving Insurer Reaction • Currently Lottery Unsatisfactory • Individual Insurers Need to Establish Their View • UK Insurers do See Depreciation as a Saving – Waiver Could Imply Cost • CILA Criteria May Need to be Amended to Meet Individual Insurer Preference • Policy Wording Change - Maybe - But Expand to Wider Review

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