Business Interruption Insurance: every choice has a consequence
Peter Newall, Senior Claims Manager at Swiss Re Corporate Solutions clarifies and explains the differences between the two dominant derivatives of business interruption cover that have developed since the first attempts by 'Minerva Universal' were made in 1797.
“I am of course talking about the UK form of cover and the US form of cover. These two forms of business interruption insurance have some stark differences, which risk professionals need to appreciate when placing cover and to help prevent any potential surprises during a loss…”
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Swiss Re Corporate Solutions provides risk transfer solutions to large and mid-sized corporations around the world. Our innovative, highly customised products and standard insurance covers help to make businesses more resilient, while our industry-leading claims service provides additional peace of mind.
Product scope – Our Specialty cover for UK and ROI clients includes General Property, Engineering & Construction, Financial lines, Political Risks, Credit and Surety, Power and Energy, Weather and International Programmes.
Financial strength – Our strong financial ratings include “AA-” by Standard & Poor’s, “Aa3” by Moody’s and “A+” by A.M. Best.
Knowledge – We have extensive risk knowledge and a wealth of experience in a wide range of sectors which enables us to offer thought leadership and guidance as well as insurance.
Capacity – Our large net capacity enables us to underwrite some of the largest risks across a broad spectrum of industries.
Innovation – we have a proven track record of developing innovative risk solutions, including parametric covers, NDBI coverage, weather solutions and reinsurance of corporate captives.
Global – In the UK, our employees serve clients and brokers from offices in London and Manchester. Swiss Re Corporate Solutions has offices in more than 20 countries.
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