Business Interruption: Mercantile Businesses

The “Business Interruption: Mercantile Businesses” course instructs adjusters and insurance professionals on how to proceed through a claim for a business income loss, from the initial assessment and telephone calls, through the site inspection and fact gathering, to the loss calculation and settlement of the claim. The module is presented by Adam Eggleston, National General Adjuster at VeriClaim, Inc., and Jason Uloswceh, CPA, CVA, CFF, Partner at Matson, Driscoll & Damico LLP. The module begins with a review of the purposes of business income coverage, and reviews several aspects of typical policies, such as the methods of calculation, fixed vs. variable expenses, deductibles, and co-insurance. The presenters then review how to investigate the incident and facts through telephone calls and site inspections. Next, the course shows adjusters what information and documents to gather once the initial investigation is completed. The presenters discuss the best way to communicate relevant facts with all parties. Then, the course performs a detailed review of the calculation method, and finally walks through a detailed case study.

After completing the course, the attendee will be able to understand the differences between the major policy forms; review their policy to determine the deductibles and co-insurance provisions which may apply; ask the right questions during an initial telephone call with the insured; know what to look for and what photographs to take during the initial site inspection; request the correct documents from sophisticated insureds, unsophisticated insureds, and third parties; recognize what information should be shared with the insured, the carrier, and the experts; perform a business income loss calculation; and understand how to work with an insured to resolve a claim.