Insurance (Level 2) Flashcards
Tell me about when you have placed insurance relating to property and liability?
I reviewed a buildings insurance needs (fire, flood and structural damage) and spoke to insurance brokers to obtain appropriate quotes
I also ensured that public liability and employers liability insurance were in place.
I kept tenants informed about their obligations under their lease terms
Tell me about when you have inspected a property to ensure compliance with terms of an insurance policy?
I inspected a property to ensure that it had met the terms of the insurance policy.
I focussed on areas such as fire safety and security systems
I checked that the property had adequate fire alarms, sprinkler systems and secure entry points
How have you liaised or negotiated with tenants or owners of a new property regarding insurance?
Reviewing lease terms. Ensuring that the insurance requirements in the lease align with coverage needed
Providing guidance on coverage requirements
Negotiating renewals
Claims assistance in the event of an insurance claim
How have you dealt with an insurance claim?
Reported the incident immediately and check leases to see who is liable
Gathered documentation (photos incident reports etc)
Spoke to contractors for repair quotes
Followed up with the insurer to track claim progress
Ensured repairs are completed and costs covered after claim approval
Insurance Claim, Pall Mall East
How were you made aware of the broken window?
I was informed by the onsite team
Insurance Claim, Pall Mall East
Did you attend site to ensure the reports were correct?
Yes
How do you ensure you are providing competitive insurance costs to the client?
Compare quotes
Review coverage
Negotiate premiums based on risk factors
conduct regular policy reviews
recommend risk management measures to reduce premiums
Insurance Claim, Pall Mall East
Did you offer advice on how to prevent this in the future?
Yes. I recommended a review of all of the windows on the estate
Insurance Claim, Pall Mall East
Did you advise on the policy and its costs?
Yes
Reinstatement Cost Assessment, Suffolk House
What is a reinstatement cost assessment?
A Reinstatement Cost Assessment (RCA) estimates the cost to rebuild a property to its original condition if damaged.
It factors in materials, labour, fees, to determine the required building insurance coverage.
Reinstatement Cost Assessment, Suffolk House
How do you appoint the contractor?
Obtain multiple quotes
Assess the contractors experience with similar projects
Review references and past work
Negotiate scope, timeline and costs
Verify the contractor has appropriate insurance
Why do insurers require a copy of an RCA?
To ensure that the property is adequately insured for its full rebuild cost, preventing underinsurance or over insurance
Reinstatement Cost Assessment, Suffolk House
If there a discrepancy in the RCA, how this is managed?
Reviewing the data - checking measurements
Consulting tenants/landlord
Reassessing the property
updating the RCA with adjusted figures
Communicating with insurers
What types of insurance are you aware of?
building insurance
Professional indemnity insurance
public liability insurance
Engineering insurance
What regulations govern the placing of insurance policies?
Insurance Act 2015 - Ensures fair risk disclosure by policyholders
Consumer Insurance Act 2012 - Protects consumers from unfair penalties
