This document provides an introduction to commercial property and business interruption insurance. It defines different types of commercial property, such as buildings, fixtures, contents and stock. It explains property insurance perils like fire, lightning, explosion and special perils. It also discusses property insurance policies including standard fire and special perils policies. The document outlines business interruption insurance and how it indemnifies businesses for losses from interruptions caused by property damage. It defines terms like gross profit, declaration linked policies, indemnity period and adequate sum insured. The objectives are to understand commercial property risks and covers as well as business interruption principles.
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This presentation is designed specifically for those with responsibility of procuring insurance services within a further education college environment.
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The most popular and applicable Asset Insurance policy probably in the world. Cover your belongings against the risk of Fire, Earthquake and other Natural Calamities, Riots, Stikes and Malicious Damage. Get a quick quote by submitting your requirement at https://squareinsurance.in/contact
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This document summarizes a Travelers Condominium Businessowners Policy that provides property and liability insurance for condominium associations. It includes key coverages for both property and liability as well as additional endorsement options that enhance coverage. Some of the core property coverages included are for buildings, personal property, lost business income, and liability protection up to $1 million per occurrence. There are also property enhancement endorsements available that increase various limits and add additional covered causes of loss.
This document discusses consequential loss or business interruption insurance policies. It begins by explaining the client needs and objectives in obtaining such insurance, such as protecting against reductions in turnover, profit, and cash flow due to insured perils damaging property and interrupting business operations. It then covers topics like policy types, what is and isn't covered, how claims are calculated, factors considered in underwriting and rating premiums, definitions of key terms, and clauses commonly found in policies. Examples are provided throughout to illustrate concepts like calculating sums insured, premiums, and claims amounts.
This presentation is designed specifically for those with responsibility of procuring insurance services within a further education college environment.
The video addresses the types of insurance policies to be bought, the risks of over or under insuring, the insurance marketplace, tender preparation and evaluation and risk mitigation.
The most popular and applicable Asset Insurance policy probably in the world. Cover your belongings against the risk of Fire, Earthquake and other Natural Calamities, Riots, Stikes and Malicious Damage. Get a quick quote by submitting your requirement at https://squareinsurance.in/contact
This policy offers property and liability insurance for apartment owners. It provides coverage for the building, business personal property, lost business income, and liability risks. The policy can be customized with additional endorsements to enhance certain coverage areas, such as debris removal, tenant relocation expenses, and liability for additional insureds. It aims to provide comprehensive and affordable insurance for apartment owners.
The document discusses commercial risks in construction projects. It identifies key risks such as commercial viability, construction costs and schedules, revenue projections, operating costs and supply costs. It also discusses managing risks through contingency planning, cost adjustments, and currency hedging. Project management decisions around preliminaries, site overheads, subcontracting and supplier costs are also examined to mitigate risks and maximize profits.
Builders risk wrap up insurance webinar april 12 MarkNBFC
This document provides an overview and summary of Builder's Risk and Wrap Up insurance. Builder's Risk insurance provides coverage for all property and labor going into a construction project, including all contractors and subcontractors. Wrap Up insurance provides a single liability policy for the owner, contractor, and all subcontractors for the project term and completed operations period. The document outlines benefits such as uniform coverage and ease of claims handling with multiple parties. It also highlights Northbridge Insurance's experience and capacity for these types of projects.
This document summarizes a Travelers Condominium Businessowners Policy that provides property and liability insurance for condominium associations. It includes key coverages for both property and liability as well as additional endorsement options that enhance coverage. Some of the core property coverages included are for buildings, personal property, lost business income, and liability protection up to $1 million per occurrence. There are also property enhancement endorsements available that increase various limits and add additional covered causes of loss.
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This document provides an overview of construction risk management and insurance solutions. It discusses risk management definitions and processes, commercial insurance types like workers' compensation and general liability, and key considerations for construction contracts. Commercial insurance helps contractors transfer risks like property damage, injuries, and legal liabilities. Construction contracts specify legal obligations and address important insurance issues to protect all parties involved in a project.
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The document discusses key aspects of business interruption insurance policies, including:
1) It outlines common underwriting considerations like occupation, physical hazards, sum insured, and indemnity period.
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3) It provides examples of definitions for gross profit, standing charges, and uninsured working expenses to ensure policies are accurately rated.
This document outlines Zurich Risk Engineering Services Corporation's Winter Hazard Control Program. The program aims to help organizations understand winter hazards, implement an effective control program, and prepare structures, parking areas, employees, and vehicles. Key aspects of the program include inspecting roofs and building exteriors, maintaining heat in buildings, removing snow and ice, training employees on safety during winter weather, controlling slip and fall risks, and ensuring contractor and vehicle safety. The overall goal is to minimize costs and impacts of winter weather on business operations.
This document provides an overview of insurance concepts and categories. It begins by outlining the learning objectives and outcomes of the course, which are to understand risk management, the insurance industry, and key insurance terms and principles. It then defines insurance and discusses risk management. It outlines the main categories of non-life and life insurance products and provides examples of common types of policies. It also discusses insurance underwriting procedures, microinsurance, and the roles of different players in the insurance industry.
Tony Gill of First Ireland Insurance Brokers discusses key insurance issues for homecare providers. Homecare providers face substantial risks of accident claims from staff workplace injuries and client/family slips and trips or care issues. Employer's liability insurance is crucial to protect against staff injury claims, which present the greatest risk. Public liability insurance is also needed and should include coverage for care services. Medical malpractice insurance may be required if care extends beyond basic tasks. Strong health and safety programs and immediate incident reporting are important to support insurance coverage and claims management.
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This document discusses various types of commercial property insurance. It describes the ISO commercial property program, including the building and personal property coverage form and causes-of-loss forms. It also discusses business income insurance, reporting forms, other commercial property coverages like builders risk and equipment breakdown, transportation insurance, and the businessowners policy.
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This document discusses the reconciliation of cost and financial accounts. It begins by defining reconciliation of cost and financial accounts as the process of finding reasons for disagreements between profit calculated in cost accounts versus financial accounts. It then outlines the reconciliation statement preparation process. The reconciliation statement starts with profit per cost accounts and reconciles differences by including items only in financial accounts, only in cost accounts, or accounted for differently between the two. Examples of items only in financial accounts include financial charges and income, while an example only in cost accounts is interest on capital. Items accounted for differently include overhead, stock valuation, and depreciation. The objective is to make the reconciliation statement balance and match the profits.
1) The document discusses key aspects of general takaful contracts including their nature as short term contracts of joint guarantee based on tabarru', wakalah and mudharabah principles. It also covers common general takaful products and their characteristics.
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13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
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Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
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Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
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3. Module 9 Objectives
At the end of this module you should be able to:-
• State what is understood by commercial property
• Identify risks for commercial property
• Explain the cover provided by a Fire & Special Perils
policy
• Explain the difference between indemnity &
reinstatement
• Explain the reinstatement clauses
• Explain the operations of the Day One clause and
calculate premiums
• Explain the operations of the stock declaration clause
4. WHAT IS PROPERTY?
• Buildings
• structures
• surrounding property
•Fixtures & fittings
• Contents
• machinery, office equipment,
• Stock
•Raw materials, work in
progress, finished goods
5. A.B.I STANDARD FIRE &
SPECIAL PERILS POLICY
• FIRE
– Actual ignition, fortuitous
– Excluding
• earthquake, subterranean fire
• ‘Its’ application of heat/spontaneous combustion
• LIGHTNING
• EXPLOSION
– Limited to?
– Full (Special peril)
6. SPECIAL PERILS
• Aircraft
• Riot, Civil Commotion, Malicious damage
• Earthquake, Subterranean fire
• Spontaneous combustion
• Storm, Flood, Escape of Water, Sprinklers
• Impact – own or third party
• Subsidence, landslip, heave
7. Riot, Civil Commotion, War
Radioactive Contamination
Pollution and Contamination
FIRE GENERAL MARKET
EXCLUSIONS
9. FIRE CONDITIONS
• Subsequent to the
contract
– Under insurance
– Contracting
Purchasers
– Non-disclosure
– Alteration
– Warranties
– Reasonable
precautions
• Precedent to liability
– Claim notification
– Fraud
– Reinstatement
– Insurer’s rights
– Contribution
– Subrogation
– Arbitration
10. BASIS OF SETTLEMENT
Indemnity Reinstatement
Pay value at time and place Pay value at time and
of loss less depreciation place of loss without
wear and tear deduction for
depreciation, wear and tear
Sum Insured adequate Sum Insured adequate at
at of loss time of reinstatement
100% Average clause 85% Average clause
11. DAY ONE REINSTATEMENT
• Declared Value = Costs of reinstating on first
day of policy
• Insurers Liability = Declared value + 50%
• Premium:
– Adjustable basis: add 7.5% and 50% of difference
at year end
– Non-adjustable: add 15%
12. DAY ONE PREMIUM
• Adjustable:
– Day One Declared Value x Rate + 7.5% = Deposit
– £2,000,000 x 0.1% + 7.5% = £2,150
• Non-adjustable:
– Day One Declared Value x Rate + 15% = Premium
– £2,000,000 x 0.1% + 15% = £2,300
13. STOCK DECLARATION
• Sum Insured = Maximum value risk
• 75% deposit premium
• Regular declarations
• Premium adjustment on average declaration
• Beware of declaration value
– Maximum SI if no declaration/high declaration
– Nil can be valid
14. Module 10 Objectives
At the end of this module you should be able to :-
• Explain the legal definition of Theft and the cover
provided
• State the exclusions and optional extensions of the
standard Theft policy
• Briefly describe the application of the PA assault
extension
• Explain the need for Goods in transit insurance and
the cover provided
• State the exclusions under an ‘All Risks’ policy
15. ADDITIONAL COSTS
• Architect’s, Surveyor’s, Engineer’s fees
• Debris Removal
• Public Authorities Clause
• incurred following an insured event
providing adequate sum insured
16. THEFT ACT 1968
A person is guilty of theft if he
dishonestly appropriates
property belonging to another
with the intention of permanently
depriving the other of it.’
17. THEFT COVER
To indemnify the insured for loss or
damage to the property insured
as a result of entry or exit to the premises as a result of
forcible and violent means
Excluding:
Methods of entry
Types of property
Cause of damage
21. TYPES OF ‘ALL RISKS’
POLICIES
• Money
• Goods in Transit
• Industrial ‘All Risks’
– Addition of Accidental Damage peril
• Contractors ‘All Risks’
– Building works, machinery, tools, Liabilities
22. MONEY INSURANCE
Covering ‘all risks’ of loss of
money, the responsibility of the
insured anywhere in the United
Kingdom
23. MONEY EXCLUSIONS
• Errors and omissions
• Depreciation
• Use of keys
• Dishonesty of employees/directors
• Market exclusions
24. • On premises - out of business hours £250
in safe safe limit
Loss/damage to safe/strong-room Unlimited
PDH directors/ employees £500
• In transit £5,000
• employees security company
£20,000
• Non-negotiable money £250,000
• Any other loss Specified
• Clothing/P.E. Insured, Director, Employee
£500
MONEY POLICY LIMITS
25. PERSONAL ACCIDENT
ASSAULT
• Accidental bodily injury as a result of an attempt to
steal money
• Benefits
– Death
– Loss of limb/ eye
– Permanent Total Disablement
– Temporary Total Disablement
– Temporary Partial Disablement
• Medical Expenses
30. INDUSTRIAL ‘ALL RISKS’
• Accidental loss, destruction or damage to the property
of the insured
• Special Machinery
• All property
• Exclusions of causes of damage very important
31. ‘ALL RISKS’ EXCLUSIONS
ABSOLUTE OTHER DELETE BUY BACKS
CLASSES WITH CARE
War Marine Property in the Theft
Terrorism Aviation open Money
Radioactive Motor Unoccupied Goods in
premises Transit
Sonic Bang Livestock Computers
Pollution Jewellery
Subsidence
Glass
32. Module 11 Objectives
At the end of this module you should be able to :-
• Explain the intention of a Business interruption policy
• Define Gross Profit on a difference basis and calculate the
figure from simple accounts
• Identify the sum insured and insurer’s liability under a
Declaration Linked policy
• Explain indemnity period
• Illustrate the impact of time on the required sum insured
• Explain & outline cover
34. ACCOUNTS
• Record of business’s transactions in a snapshot of time
• Trading Account
– Items relating directly to costs of production
– Difference between two sides = Accountant’s Gross
Profit
• Profit and Loss Account
– Reflects the indirect costs of production
– Difference between two sides = Accountant’s Net
Profit
35. TURNOVER
‘The money paid or payable to the insured for goods sold
and delivered and for services rendered in the course of
the business at the premises’
37. GROSS PROFIT
DIFFERENCE BASIS
Sum of:
Turnover plus closing stock and work in
progress
Less the sum of:
Opening stock and work in progress plus
Uninsured Working Expenses
39. INDEMNITY PERIOD
The period beginning with the
occurrence of the damage
and ending
not later than the Maximum Indemnity period during
which the results of the Business have been affected in
consequence of the damage
40. INDEMNITY PERIOD
T = Turnover
A = level of turnover equal to
level at date of damage
B = level of turnover equal to
‘would have been position’
T
B
A
INDEMNITY PERIOD
Fire
41. I.P. FACTORS
• Availability of alternative premises
• Ease of repair existing premises
• Availability of raw materials
• Lead time on machinery
• Inter-group assistance
• Seasonal business
• Recover market position
43. DECLARATION LINKED
• Declared Value = Insured’s Estimated Gross
Profit for the period of
insurance
• Insurer’s liability 133.3% of declared figure
• Average does not apply
• 75% Deposit premium, adjust within 6 months
• Maximum return – 50% of deposit
44. B. I. OPERATIVE CLAUSE
• IF - after payment of the premium any building or other
property used by the INSURED at the PREMISES for
the BUSINESS be DAMAGED DESTROYED by an
INSURED PERIL and the business be INTERRUPTED
• then Insurers will
PAY the amount of the LOSS in accordance with the
policy TERMS AND CONDITIONS
45. B. I. PERILS
• Standard policy:
– Fire
– Lightning
– Explosion – Domestic & production boilers
& domestic gas
• Additional perils:
– As per Material Damage policy
– All Risks
– Engineering risks
– Notifiable disease, Vermin, Defective sanitation, Murder,
Suicide
46. MATERIAL DAMAGE
PROVISO
• Material damage policy in force that
– has paid for material damage
– has admitted liability
– would have paid but for large excess
• Because
– Funds to rebuild and minimise effect of interruption
– Warranties of property policy apply
– Claim investigated
49. Module 12 Objectives
At the end of this module you should be able to :-
• Explain how liability arises in the UK
• State the statute that created the need for EL
insurance
• Outline the meaning of employee, business, territorial
limits and limits of indemnity for EL, TP and PL
policies
• Distinguish between the cover provided by
Employers, Public and Product Liability policies
50. CHARACTERS IN LAW
Claimant Defendant Judge
The wronged party The party alleged Power to grant
bringing the action to be liable damages;
injunction or
performance
?
52. NEGLIGENCE
‘The omission to do something which a reasonable man
would do, or doing something which a prudent and
reasonable man would not do.’
53. NEGLIGENCE
Claimant must prove - Duty of care - direct or
indirect
Duty of care broken
Breach of that duty is
proximate cause of
the damage.
54. DUTY OF CARE
You must take reasonable care to avoid acts or omissions which
are likely to injure your neighbour
‘Neighbours’ are persons so closely and directly affected by my act
that I ought reasonably to have had them in contemplation as being
so affected.
Donoghue v. Stevenson1932
55. DAMAGES
• Damages can arise from:
– bodily injury
– death
– property damage
• Limited
– pure economic loss
– negligent miss-statement
– nervous shock
56. TRESPASS
‘Direct interference with the person,
goods or land of another’
Trespass of person Trespass of land
Assault Entering or remaining on
Battery land owned by another
False Imprisonment depositing material on it
57. NUISANCE
‘Interference with a persons use or enjoyment of land or of
some right connected with it’
Public Private
Materially effects Wrongful interference
a class of people with another’s enjoyment
e.g. selling unhygienic of his land e.g. noise,
food, obstruction of vibrations, emissions
the highway
58. DEFAMATION
A defamatory statement lowers
the estimation of the plaintiff in the
minds of right thinking members
of society generally
• Libel – permanent
• Slander – non-permanent
59. A person who for his own
purposes brings on his
land anything likely to do
mischief if it
escapes must keep it at
his peril!
STRICT LIABILITY
RYLANDS V. FLETCHER
60. How much has
been lost so far?
SPECIAL
How much will
compensate for
the future?
GENERAL
DAMAGES
61. LIMITATION ACT1980
3 years – personal injuries, libel, slander
6 years – property damage
from date – cause of action accrues
– or of the knowledge that action
caused injury/damage
62. EMPLOYER’S DUTIES
• Common Law
– Safe place and system of work
– Safe plant and machinery
– Competent and suitable fellow servants
63. EMPLOYER’S LIABILITY
(COMPULSORY INSURANCE)
ACT 1969
•Why?
– Compensation for injured/killed employees
•What?
– Policy covering min £2 million Limit of Liability
– Injury/disease death during course of
employment in employers’ business
– Certificate issued and displayed
65. EMPLOYERS’ LIABILITY
INSURANCE
Indemnify the insured for sums LEGALLY LIABLE to
pay as DAMAGES in respect of BODILY INJURY
(including death or disease) sustained by an
EMPLOYEE arising out of and in the COURSE OF
HIS EMPLOYMENT in the BUSINESS during the
PERIOD OF INSURANCE within the TERRITORIAL
LIMITS.
66. COURSE OF EMPLOYMENT
• When did accident happen?
– On way to work
– At work
– Travelling on business
Third EC Directive motor policies cover
passenger travel in car
67. PUBLIC LIABILITY
To indemnify the insured for their LEGAL LIABILITIES for
ACCIDENTAL bodily INJURY, DEATH OR PROPERTY
DAMAGE to third parties arising from the INSURED’S
BUSINESS
68. PRODUCTS LIABILITY
OPERATIVE CLAUSE
To indemnify the insured for their LEGAL LIABILITIES
for ACCIDENTAL BODILY INJURY, DEATH OR
PROPERTY DAMAGE arising out of GOODS sold,
supplied, renovated, repaired, altered, treated, tested,
installed in connection with the BUSINESS during the
PERIOD OF INSURANCE within the territorial limits
69. DEFENCES
• Development risk
• Fault did not exist when originally supplied
• Compliance with EC and statutory requirements
• Supply not in course of business
• 10 years since supply
• Due to design of product in which item was included