® Are you sure you are insured? PowerPoint Presentation

® Are you sure you are insured? PowerPoint Presentation

2016-07-24 47K 47 0 0

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A . discussion with Paul May. 24. th. . November, 2015. Are you sure you are . insured. ?. A . discussion with Paul . May . LLB . (Hons), MBA, FCII, FCILA, FCLA, DipAIS, ADipC, MCIArb, FIRM, MAE, AIC, FUEDI-ELAE, FCMI, FinstD, . ID: 416827

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Slide1

®

Are you sure you are insured?A discussion with Paul May24th November, 2015

Are you sure you are insured?

A discussion with Paul May LLB (Hons), MBA, FCII, FCILA, FCLA, DipAIS, ADipC, MCIArb, FIRM, MAE, AIC, FUEDI-ELAE, FCMI, FinstD, FIFAA, Chairman, Concordia Consultancy Ltd Arranged by Amana Takaful Insurance Galadari Hotel, Colombo, Sri Lanka 24th November, 2015 www.concordiaconsultancy.com Operating from: London – New York –  Colombo –  Singapore – Beijing  – Cyprus – Barcelona – Antigua  – Sydney  – Miami – Stockholm

1

Slide2

®

Are you sure you are insured?

A discussion with Paul May24th November, 2015

INSURANCE IS AN ASYMMETRIC CONTRACT

2

Asymmetric :

Not

balanced

Not regularly

arranged on opposite

sides

irregular

· lopsided ·

unequal

· unbalanced

Lacking

equality, balance, or harmony

Slide3

®

Are you sure you are insured?

A

discussion with Paul May24th November, 2015

ARRANGING AND MAINTAINING THE INSURANCE

Identifying the risks and exposuresDeciding who is exposedSelecting the coverChoosing the insurerCompleting the proposal formUnderwriting the riskImplementing protectionsAdvising of changes to risk and circumstances

3

Slide4

®

Are you sure you are insured?A discussion with Paul May24th November, 2015

PROPOSAL PROCESS AND FORM

4

Slide5

Are you sure you are insured?A discussion with Paul May24th November, 2015

®

DISCLOSURE OF MATERIAL FACTS TO THE INSURER

5

What are material facts

?

“When

we use the

term ‘material

facts’, we

mean any

information that

could affect

our decision to give

you insurance

or affect the

terms we

give you.

If

you are

not sure

whether something

is a

material fact, please

tell us

anyway

.”

Slide6

®

Are you sure you are insured?

A discussion with Paul May24th November, 2015

INFORMATION PROVIDED TO INSURERS

Process of transfer and sharing of informationProposal formClarifications in writingPhotos and videoBusiness continuity and recoveryKey personnelContractual and physical protections

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Slide7

®

Are you sure you are insured?

A discussion with Paul May24th November, 2015

OBLIGATIONS UNDER THE POLICY - POLICYHOLDER

TO “ACT AS IF UNINSURED” AND COMPLY WITH MANY SPECIFIC AND IMPLIED CONDITIONS : Alarm & Security Waste Hot Works No Smoking Insure for adequate values to replace Disclosure

7

Slide8

Are you sure you are insured?A discussion with Paul May24th November, 2015

OBLIGATIONS UNDER THE POLICY - INSURER

TO INDEMNIFY POLICYHOLDERALSO SHOULD : CONTRIBUTE TO RISK ASSESSMENT AND MITIGATION PROVIDE EXPERTISE TO RECOVER FROM A LOSS SUPPORT WITH CASH PAYMENTS ON ACCOUNT ASSIST IN RECOVERING UNINSURED LOSS GIVE CONFIDENCE TO BANKS AND INVESTORS IMPLEMENT POST-LOSS IMPROVEMENTS

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Slide9

®

Are you sure you are insured?A discussion with Paul May24th November, 2015

QUESTIONS ???

9

Slide10

®

Are you sure you are insured?A discussion with Paul May24th November, 2015

Are you sure you are insured?

A discussion with Paul May LLB (Hons), MBA, FCII, FCILA, FCLA, DipAIS, ADipC, MCIArb, FIRM, MAE, AIC, FUEDI-ELAE, FCMI, FinstD, FIFAA, Chairman, Concordia Consultancy Ltd Arranged by Amana Takaful Insurance Galadari Hotel, Colombo, Sri Lanka 24th November, 2015 www.concordiaconsultancy.com Operating from: London – New York –  Colombo –  Singapore – Beijing  – Cyprus – Barcelona – Antigua  – Sydney  – Miami – Stockholm

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