By: Mark Anderson 

Duration: 1.03  

Different ways to insure wages (including Dual Wages) – and what is best for your clients?

If wages are to be fully insured as part of Gross Profit, then nothing further is required. Wages will be treated like any other expense and if there is a reduction after a loss, this will be deducted as a “Saving”.
For businesses that consider that it is inevitable that its wages would reduce, under various loss scenarios, current BI policies offer a number of alternative methods of insuring wages, separate from the Gross Profit item.

We will discuss:

• The reasons why insuring wages separately should be considered?
• The alternative options available (including Dual Wages, “x” weeks Wages).
• How each alternative works in a claim scenario.
• Client information that is required to assist in considering these alternatives.
• Benefits and disadvantages with insuring Wages separately  

Mark has been a senior business interruption consultant with Commercial Loss Management since 2003. Commercial Loss Management specialises in acting for insureds to prepare their business interruption claims. He began his business interruption career in 1988, having worked as a Senior Loss Adjuster and then as a Director and Senior Business Interruption Consultant with a specialist Business Interruption consulting firm in Auckland.

Mark has a keen interest in education, training and professional development. For six years, he was an examiner in Business Interruption and has lectured on this subject throughout the country including presentations to brokers continuing education seminars since 1993.

He is a Chartered Accountant and has a Bachelor of Commerce degree. He is an Associate of the Australasian Institute of Chartered Loss Adjusters and the Chartered Institute of Loss Adjusters (UK), a Senior Associate of the Australian and New Zealand Institute of Insurance and Finance and a FUEDI European Loss Adjusting Expert.