Agreed basis of Business Interruption measurement

Refinery losses with time element exposure tend to the most challenging property claims. They require knowledge of process engineering, refinery configuration, the licensed technologies employed and the economics of the markets served.

Against this backdrop, Ewan Cresswell set out to find a simplified approach to these refinery losses and address some pertinent underwriting concerns. In this article, he discusses an option of designing an Agreed Basis of Business Interruption Measurement, rather than an agreed value of quantification.