Brokers should push for 12-month BI indemnity periods to be extended
The 12-month indemnity period in business interruption insurance cover should be consigned to history and replaced with a minimum 18- to 24-month one as standard.
That was the consensus among attendees at the Insurance Age Broker Breakfast event in Bristol this week.
Movo Partnership managing director Lea Cheesbrough, pictured, asked the risk management panel whether, as a sector, brokers should unify to fight hard to get rid of 12-month indemnity periods and suggested 24 months as the new standard.
Citing an issue that Gallagher was having with a major fire, to support his argument, managing director Andrew Ferguson noted: “We are at a stage where we
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