Introduction to Inspection for BI:
Secrets of Daily Loss Inspection
Official mission documents arrive at your office via the W5 connection, loaded with code books and rolled up maps. Being a cautious guy or gal, you peruse all the secret documents and determine that you will take the assignment.
Arriving at the marketplace, your first observation is that there is activity, people buying and selling in all the stalls but the one you’ve been sent to check out. You approach the building and find the proprietor sweeping mud out of the front door. Time for the rubber boots.
Wading through the water, the proprietor leads you to the back of the building to show you a hole in the roof you could throw a camel through. Prepared, as always, you (yes, Our Hero) begin your inspection, which includes, of course, recording everything you can observe that might have an impact on the business that is normally conducted in that establishment.
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To assist you with the inspection of daily losses, we at the Business Interruption office have devised a list of some of the things that you should be observing and of which note should be taken in the course of your inspection. The Checklist for Daily Inspection is attached to this correspondence. Remember, whether the proprietor is covered for Business Income or not, you should always observe and make note of the information on the list because you (of course, Our Hero) are out first opportunity to obtain the initial information. Note that we have included a second page on the Checklist for listing units for rental property.
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Raiders of the Lost Profit series:
Introduction: Introduction to Inspection for BI
Part One: The Secrets of Daily Loss Inspection
Part Two: Adventures in CAT Inspections
Part Three: Search for the Grail:Covered Cause of Loss vs. Actual Cause of Loss
Part Four: Pit of Snakes: Establishing Period of Restoration
Part Five: Reporting to HQ: Here’s What We Know So Far
Written & Contributed by:
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