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When a business suffers a loss it will often lose the ability to sell products or services to its customers. These lost sales, however, are not always permanent and at times the insured can “make-up” the losses after the business resumes operating. Without giving consideration to this fact claim costs may increase, and the insured […]

Following a business interruption loss, you can expect many changes in the business to occur.  Revenues may drop, expenses could increase or decrease, and for a period the business may even cease operating.  Often when a business interruption loss occurs, the business is likely to experience a savings in certain expenses which would normally be […]

Business interruption policies exist to cover an insured following a loss incident. The two main issues are what is covered, and for how long.  In this post we address the issue of the indemnity period … the period over which losses are insured.

Regardless of the specific language used, the rate applied in measuring business interruptions losses will fall under one of two different styles.  For ease of reference we will refer to these styles by their traditional names – profits and earnings. While the following calculation methodologies outlined below are pretty basic, it should never be forgotten […]

Coming Soon. Don’t blink or you may miss it!

Coming Soon. Don’t blink or you may miss it being posted.

Summary: There does not appear to be any significant changes to what should be considered in calculating the Gross Income for a claimant under the New SABS. However, we finally have a definition. We have previously explained what is included in Gross Income from Employment as it relates to the SABS-1996 (see link at bottom […]

As we mentioned in our blog post on common errors and deficiencies found in the OCF-2 form, there are ways to make the form work better for you. By requesting not only the correct supporting documentation, but asking the right questions, as well, you can ensure a correct Income Replacement Benefit (IRB) calculation every time. […]

Generally, loans received by an insured, regardless of the source, are not considered income for IRB purposes. But, as with most situations, and because this would be a really short topic otherwise, it’s not quite so cut and dry. Traditionally, this issue is more prevalent after an accident than before, but the same principles apply. […]

Summary The interest rate on overdue benefits is now payable at a rate of 1% per month, compounded monthly, for accidents on or after Sept. 1, 2010. Any accidents prior to Sept. 1, 2010, are still payable at the rate of 2% per month, compounded monthly. What does this mean? The current low interest rate […]