Business interruption insurance made easy

Business interruption is a complicated line of insurance.

It means some brokers consider it easier to buy business interruption insurance as part of an industrial special risks or business pack policy.

But with Interruption Underwriting Agencies (IUA) you can get the best of both worlds – a great product for your clients and an easy transaction.

By specialising in business interruption insurance, IUA cuts through the jargon and takes on the heavy lifting of calculating sums insured on your behalf, saving you time.

How we save you time

One example of how we make business interruption insurance easy and save you time is the IUA worksheet.

When IUA prepares a quote or renewal, all we need is the most recent trading profit and loss statement or business turnover to get the underwriting process started. We then provide a detailed worksheet for you to reference and share with your client.

The worksheet takes the hard work out of calculating the sum insured. It’s also a valuable tool for explaining the extent of cover to your client by setting out how the cover is calculated and how any claim will be paid. This transparency can help you to build a better client relationship.

You can download an example of the IUA worksheet.

A quality product that delivers

The IUA Interruption Insurance Policy delivers a quality product conveniently, says IUA Underwriting Manager Christopher Connolly.

IUA has become an industry leader through introducing both weekly sums insured and no average clause on business interruption policies. Both provide clarity on when and how much a policy will pay in the event of a claim, he says.

“We also developed an agreed rate of gross profit for different occupation categories in Australia, which became industry standards,” Christopher adds.

By purchasing business interruption insurance separately from property cover, you can ensure that in the event of a claim, assessment of your client’s business interruption loss is not delayed by assessment of the physical damage.

An emphasis on relationships

The IUA team prides itself on being responsive and approachable.

The dedicated business interruption specialists are always on hand to take your call, share expertise, and help you find the best solution for your clients.

In addition, IUA is happy to run presentations explaining the workings of business interruption insurance for your staff to assist with continued professional development and contribute to a deep product understanding throughout your organisation.

Christopher started with IUA over 32 years ago and is an industry expert on business interruption insurance. He can be contacted at [email protected].

Senior Underwriter Katrina Campbell takes the lead on new business enquiries to ensure your clients’ sums insured are set up correctly. She’s also our key point of contact on claims, liaising with our appointed loss adjusters. To contact Katrina, you can email her at [email protected].

With more than 30 years of experience in the industry, and much of her career spent in broking, Underwriting Officer Dorette Oatway understands business interruption insurance from your client’s perspective. She handles both new business and renewals. To contact Dorette, you can email her at [email protected].

While newer to the insurance industry, Underwriting Officer Antony Mellino is a maths whiz who enjoys crunching the numbers on your behalf. He runs point on renewals. To contact Antony, you can email him at [email protected].

Alternatively, you can call any of our team on 02 9307 6655. We will always be there at the end of the phone to save you time and make business interruption insurance easy.

Miramar Underwriting Agency Pty Ltd t/as Interruption Underwriting Agencies (‘IUA’) acts under a binding authority as an agent for certain underwriters at Lloyd’s, the insurer of the product.