Business Interruption Insurance Australia. The test case, initiated by the insurance council of australia (ica) in consultation with the australian financial complaints authority (afca), consists of two separate small business claims lodged with afca as part of its dispute resolution process. Businesses may turn to their business interruption insurance to consider whether they are covered.
The board of the insurance council of australia (ica) has agreed that an application for special leave is to be made to the high court of australia to appeal the decision of the new south wales court of appeal regarding the application of the quarantine act exclusion to business interruption policies. It's about protecting your future cashflow in the event of a major loss. “it operates to cover business cash flow and in the process also protects the owner’s income stream and their investment in the business.
Appeal judges adjourn to consider business interruption decision.
“it operates to cover business cash flow and in the process also protects the owner’s income stream and their investment in the business. Many of these businesses hold business interruption (bi) insurance and may have either had claims declined or not pursued them on advice that the policy did not. “business interruption insurance deals with the continuity of income after insured property is damaged or lost after a catastrophic event,” norris said. While many such clauses are in use today, a typical business interruption insurance clause might read as follows: