Global loss adjuster Crawford & Company has produced a specialised online training kit for insurers and brokers keen to learn about financial risk claims.

Crawford Forensic Accounting Services manager Martin Miller told insuranceNEWS.com.au five of the kit’s 14 modules are accredited by the National Insurance Brokers Association.

The modules relate to business interruption’s general principles.

A check of the website by insuranceNEWS.com.au shows five modules are already available at $US37.50 ($52) each. They are: business interruption general principles; business interruption basic concepts; expected and actual turnover; determining what is an increase in cost of working; and savings.

Each module lasts about an hour, and they qualify for continuing professional development points with various governing bodies including the Australasian Institute of Chartered Loss Adjusters.

“It’s designed for insurance brokers, for insurers and loss adjusters… anyone who wants to understand business interruption and other financial risk claims,” Mr Miller said.

“Across the entire industry, the training for any insurance-related training is not significant and people are always interested in business interruption claims.”

Business interruption claims refer to unforeseen events that stop a company operating, such as floods, fires, earthquakes and storms.

The kit also offers a “sophisticated” reserve calculator to assess initial loss arising from a claim, Mr Miller says. “It helps people to understand the scale of the claim.”

Most major Australian insurers have expressed interest in the tool, Mr Miller says – but he declined to name them.

The modules can be found here.