1. Industry Issues Article – Looking at a Business Interruption Insurance topic.
2. MMCP profile – A brief profile of the MartinMinett Directors.
3. A MMCP Tip or Update – Tips on removing Co-Insurance issue from BI cover.
4. MartinMinett Special Offers – FREE Bus Pack and ISR Claims Consultation.
5. MartinMinett Services – Claims Preparation Services.

1) Industry Issues
BUSINESS INTERRUPTION INSURANCE CLAIMS - Additional Benefits and Extra Covers

In this issue we look at the policy triggers for business interruption claims where the damage has not necessarily occurred to the policyholder’s premises.

These BI insurance claim triggers include:

• Premises in the Vicinity/ Prevention of access,
• Utilities,
• Customers & Suppliers’ premises,
• Loss of Attraction and
• Roads, Bridges & Railway Lines
  

We have been engaged through a number of brokers to prepare significant claims for a number of their clients (policyholders) from these type of losses. Despite that, we still find that numbers of clients have a limited understanding of the potential loss that can occur from this type of risk and a limited understanding of the insurance cover that a good broker can arrange for them to address this risk.

We have recently been asked to do a number of training sessions for Brokers on these ’extra covers’ and additional benefits available under a typical Business Interruption policy wording (ISR or Buspack). This training included addressing practical case studies based on real claims to emphasise how these covers work in actual loss scenarios. From SME to large corporate entities, we find clients better appreciate the ‘value add’ of business interruption insurance when these type of covers that go beyond ‘their 4 walls’ are explained to them with practical examples. This emphasises that even where someone thinks that, ‘it will never happen to us’, they understand that they have to also think ‘it will never happen in our area, to our utilities companies and our suppliers or customers’.

These covers that brokers have negotiated over time can save a business when a major interruption is triggered by one of these risks outside ”the 4 walls” and in most areas beyond any risk management plan in their direct control.

2) A brief Profile of the MartinMinett Directors
ROB MARTIN & PAUL MINETT

Rob Martin has gained a wide range of experience over 20 years in insurance accounting and insurance operations within the industry. In that time, Rob has worked as an external auditor of Insurance companies, in internal management for Insurance companies and was a Partner and Director for 5 years at MSM Loss Management specialising in business interruption insurance. In particular, Rob has experience in preparing claims with technical, legal and detailed insurance and accounting issues as well as the ability to negotiate favourable outcomes for business claimants.

Paul Minett has dealt with Insurance issues for companies both in internal management and as an external consultant over the last 25 years. Firstly, as a Financial Controller and then in the last 14 years as an Economic Loss Expert, Paul has used both his technical and modelling skills on detailed projects for clients to ensure they achieved the best outcome. For 12 years, Paul was with MSM Loss Management and for 5 years was a Partner and Director. Paul has specialist experience in preparing and settling claims in all business sectors and in particular for retail, food and beverage, logistics and mining and metal processing industries.

Over the last decade, Rob and Paul have managed the preparation, lodgement and the resolution of insurance claims for a diverse range of clients ranging from multinational companies through to middle market businesses. They have also liaised with senior counsel and solicitors and compiled expert reports on quantum of loss claims for mediation and litigation matters.

3 A Brief Look at an Industry Topic
HAVING CO-INSURANCE REMOVED FROM THE BI SECTION OF AN ISR POLICY

Generally speaking, Coinsurance applies if declared values are not adequate for the business insured.  That is, if the Loss of Gross Profit declared values are less than sum produced by applying the Rate of Gross Profit to Annual Turnover then Co-insurance will generally apply.  A number of major underwriters have agreed to remove the Co-Insurance clause via endorsement if the calculation of the Loss of Gross Profit declared values  are done by MartinMinett.

4) MartinMinett Special Offers
FREE BUS PACK AND ISR CLAIMS CONSULTATION

Following the success of this offer in 2012, MartinMinett Claims Prep have decided to re-introduce this offer for the remainder of the year to all brokers and their business clients of a FREE telephone consultation on any ISR or Bus Pack material damage and business interruption claim.

If a business client has a claim you can call us for up to 30 minutes FREE advice on any claim query on entitlements under an ISR or Bus Pack insurance policy.

Please feel free to call Rob on 02 9248 0438 or Paul on 02 9248 0440

5) MartinMinett Claims Services
OUR SERVICES - Claims Preparation

MartinMinett Claims Prep assists brokers and their business clients to prepare material damage and business interruption claims. Its principals, Rob Martin and Paul Minett, have assisted many clients to ensure they receive the full claim entitlement from their insurance policy. MartinMinett Claims Prep helps to minimise disruption and works to save time and money for the client and the broker.

Generally claim preparation costs are covered under the business client's policy and therefore at no cost to your client they receive a financial and service benefit. In addition the broker saves time and cost while still keeping control of the claim process by using the services of MartinMinett Claims Prep. A real win/win/win scenario.