“There is probably more dissatisfaction over business interruption insurance than about all other types of insurance combined,” according to James Costner, senior vice president of Willis Risk Solutions in Nashville, Tenn.
Costner was speaking before an audience at the recent Risk and Insurance Management Society Conference in Philadelphia, where he was joined by John Dempsey, managing partner of the accounting firm, Dempsey Myers & Co. The two presented ideas on controlling costs by implementing effective systems for gathering and reporting annual business interruption values and exposures.
As in any field, documentation is only as good as the time and thought that go into it, Costner said. Risk managers who give business interruption worksheets superficial treatment may learn later that they are barely worth the paper on which they are printed. The more thought, care, and time that go into pre-loss worksheet analysis increase the odds of complete financial protection for time element losses.
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