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    Thread: What is business risk exclusion?

    1. #11 Collapse Post
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      Business risk exclusion is a typical insurance where not every thing is convenient to be covered by one policy, meaning we can have an insurance for our organization to be insured against burglary but when there is another event like a worker that has stolen money from the organization through another means without breaking into the premises of the organization, then that would not be included in the insurance coverage, automatically that is what it is mean by business risk exclusion, as long as based on the contract that was entered into between the insurance company and the customer does not include certain details which has been covered, the customer or organization does not have the right to file for claims when something outside the initial agreement has happened.


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      Business-risk exclusion is an exclusion clause in commercial general liability policies. Business-risk exclusion excludes coverage for common risks of doing business, business-risk exclusion does not provide coverage to business manufacturers if a product does not meet the advertised standards . The purpose of business-risk exclusion is to help an insured control predictable risk, the purpose of exclusions for damages to an insured's work out of which an accident arises, is to remove any obligation of the insurer to pay for the repair or replacement of a policyholder's own defective work. Conversely, it is equally well established that such business risk exclusions permit coverage for damages to other property or for other accidental loss caused by the defective product or defective work.


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      Business risk exclusion means that there is no guarantee of the product longevity and for that we can tell that the product is being totally excluded from the insurance .So people have to concentrate on the warranty or the guarantee policy when they used to buy any product from any source .Some company is not giving any kind of product return policy to its customer so in such cases its very common that we are facing the risk of damage and losses.The whole concept can be explained as follows :- Suppose a Company when they are selling a product its written that the product is having 2 years of warranty now after 10 months its seen that its been damaged and when we try to reach the manufacturer or the seller ,they can't return or repair .


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      In every business, there are risks, that we may not be able to avoid, sometimes we think that the Forex market has no risk attached to it, unfortunately this is the very reason that we have consistently gage ourselves into different losses, sometimes we assume that we are trading, don't take anything that you cannot handle yourself, business risk exclusive is an important concept that works more in the insurance industry because there are items that are naturally insured but if something happens to the business organization which was not explicitly stated as coverage by the insurance policy that has been taken, then they cannot say that they want to be claiming insurance for them as that is actually against what has been discussed. There are things that I would have said but again we should be sure about.


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      A business risk exclusion is a situation where a company refuse or withheld a risk concerning their product or services.
      Some businesses might not lie but withheld some vital information, for example is when a company says their product can last for 12 month but Infact the product only last for 6 month, this is a risk exclusion. Honestly exclusion is still illegal, most especially when the product somehow affect the people that took it.
      How to tackle business risk exclusion? This can only happen when there is serious regulatory bodies handling every product longevity and business trustworthiness.


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      Business risk exclusion is a type of insurance policy that covers a product which was unable to meet up with market performance. When a product could not perform well in the market as envisage by the producer, there is an insurance policy to cover that deficiency.
      It is enough to insure your property or assets against theft, damage, loss or any negative events that occur. Many things are insurable in today's insurance policies. David Beckham once insured his leg when he was a footballer. We have head of celebrities insuring some sensitive parts of their body. Crazy world you may say! But no one ever think of insuring failure. That is what business risk exclusion is all about.


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      Business risk exclusion:
      At first we need to know what is business risk exclusion. In every business we face many risk and everybody want to avoid such risk. Because if we failed to avoid our risk then we can make huge loss in our business. When we try to control our risk or avoid such avoidable risk this is called risk exclusion. On the other hand we can say. When a trader on forex market try to control his loss by taking low risk on trade , or using small lot, or trade with trend market and save his money from big loss this is called forex business risk exclusion. In every business we have to face in risk and we also need to control big risk for our good earning or stay in the business permanently.


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      Business Risk Exclusion :
      is a clause, can be found in particular types of insurance policies states that the insurance policy doesn't provide coverage to manufactured or sold products that don't meet the level of performance and quality specifications that the company promised.

      Example for clarification :
      Suppose that there is a company produces LED bulbs and advertised that these bulbs guaranteed to 3 years and they give a warranty to their clients for 3 years from the date of buying these bulbs but after selling big quantity from these bulbs most of them returned again within one year because most of them lasted only for one year and this caused a big loss to the company, in that case and based on the clause "business risk exclusion" the insurance company will not cover these losses because it occurred because of producing a product doesn't meet the quality specification because it lasted only for one year and the company gave a warranty to their clients that it will lasts for 3 years, so this is a mistake from the company and the insurance company is not responsible about it.


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      Certainly there are always businesses that carry certain degrees of risk, these cannot be excluded from their participation, in which they are meant to operate, these business risk exclusion. Makes you think that you will have many things to avoid, business risk are there to earn from trading, business risk are there to keep us in check from becoming over confident, because if we are always making money without having losses because of the risk, there are basic things that we know, when there are risks that we cannot control, it makes the most sense to ensure we are applying consistently money management to act as a protective measure against unnecessary losses. That is what I believe about trading.


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      In every business there is an expectation or the standard that should be met at one point or the other.In this case a Company has a lot of promises about her products as per how long it may last and other areas of performance or effectiveness of the products,goods or services.If for any reason the products do not meet the conditions claimed or advertised then this is referred to as business risk.There is an insurance coverage for this type of liability and it is termed as Business Risk Exclusion.
      These occur due to many reasons which could be in the areas of process operation,quality of the raw materials used and the methods of confirming the standard.All these with the assumption that the company in question has integrity


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