A form of business interruption insurance relating to a new business or a new activity for an existing business. It covers loss of gross profit following delay consequent upon damage insured under a contractor’s all risks or erection all risks policy. The delay in starting the activity may be due to damage to: (a) the new works, extension or machinery; (b) suppliers’ premises; (c) machinery in transit. The indemnity period commences on the date production was intended to start and continues until it does actually start, but any increase in cost of working is calculated from the date of loss.

Cover for a property owner against loss of rental income due to an insured event delaying the letting of his property. The sum insured is the annual rent multiplied by the number of years representing the maximum delay period. A loss is measured by the rent that would have been paid by the tenant during the period of delay.

System that may be used for underwriting members of group schemes. Once a group member has been accepted at ordinary rates he becomes entitled to increases in cover up to a pre-arranged percentage without further evidence of health or underwriting scrutiny. Also called guaranteed insurability.

The CII’s ‘professional’ qualification awarded to experienced and expert market practitioners. Candidates can choose from 46 modules each attracting a designated number of credits. Successful candidates achieve a 290 credit threshold at the culmination of which they will have an enhanced understanding of insurance practice both in terms of technical subjects and overall management skills. Holders are entitled to use the designation ACII and apply for a Chartered title and in due course proceed to Fellowship status.