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Providing insurance & financial advice for more than 40 years
(02) 8268 2900

Business Interruption Policy – Case Study

Do the words really matter?

 

Medical-case-studyInsurance Advisory Service reviewed a Business Interruption Policy for a medical practice located in Sydney’s west. Noting that a clause for ‘prevention of access’ was not included, Insurance Advisory Service negotiated the words with the insurance company and had the clause included. Some time later, during the Sydney bushfires, the doctor’s were unable to get to their medical practice, which resulted in $11,000 in lost income.

 

Outcome: Insurance Advisory Service liaised with the insurance company on the doctors’ behalf, and under their Business Interruption Insurance, obtained a payment of $11,000 for loss of income due to prevention of access. This negotiation included showing the insurance company the appointment book and the provision of estimates of income to be made during the period.

 

Lesson: An insurance policy may be worthless unless it has been specifically tailored to meet your needs. Don’t throw good money after bad – engage specialists that have the skills to obtain the correct wording for your policy and ask for experts trained in finding gaps in cover. Review policies regularly and consider changes in circumstance.
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