Chappy 5 Flashcards
Material information can be gathered by
- Placing forms
- PPL
- Insurers questionnaires
- Brokers questionnaires
- Surveys
The proccess of presenting the risk includes presentation of the cover required which includes;
- Class of business
- Sums insured
- Limits of indemnity
- wording to be used.
Smaller risks are
Streamlined and can be provided cover with a fairly standard policy
Larger risks
Need more bespoke cover
Parties use the following approaches to assist them…
1) Agreed wording
2) Specifying clauses in full
3) Separating clauses with in the wording. Differentiating standard and ones that require negotiation.
4) Making negotiating the wording an integral part of the placing negotiation with the insurers
A good u/w submissions should….
1) Seek to make the u/w want to read and respond positively
2) Explain the key features of risk
3) Demonstrate a sound grasp of the clients business
4) Contain key information that the insurer needs
A good submission will….
1) Include all material information
2) Be concise
3) Represent the clients best interests
4) Ensure that all information is recorded and acknowledged by insurers
Content is key and submissions should be…
1) formatted
2) laid out
3) easy to read
The executive cover should cover..
1) The cover being requested
2) The risk its self.
What should supporting information be?
1) Cross referenced in the main submission
2) set out in the appendices.
Long schedules and claims data is best..
Summarised.
Plans and reports are best provided…
Separately.
When creating a virtual room, what should brokers be careful of?
When referencing the insurance act 2015
1) Avoid data dumping as Information should be clear and accessible.
With complex submissions, U/W should
Sign every page.
What guidelines are available to ensure that the MRC is consistent with contract certainty?
1) Currency should be shown in an ISO state
2) Contract must not contain acronyms or unambiguous terms.
