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
DownloadNote - The PPT/PDF document "® Are you sure you are insured?" is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
Presentations text content in ® Are you sure you are insured?
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
6
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
8
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
Download this presentation
DownloadNote - The PPT/PDF document "® Are you sure you are insured?" is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
Presentations text content in ® Are you sure you are insured?
®
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
Slide5Are 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
6
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
Slide8Are 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
8
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
10