1. The document discusses key aspects of an intermediate level all risks property insurance policy, including policy wordings, coverage details, exclusions, and claims procedures.
2. It addresses topics like different methods of determining sums insured, clauses that impact value, industrial special risk extensions, and case studies.
3. The document also provides explanations of policy conditions such as deductibles, reasonable precautions, inspection rights, subrogation, and dispute resolution options.
Property all risk and business interruption training 3Afrianto Budi
This document provides an overview of property and industrial risk insurance policies at an intermediate level. It discusses all risks property insurance policies, different methods for setting sums insured, indemnity clauses, exclusions, policy wordings, and case studies. The document outlines coverage under sections I and II for material damage and business interruption. It also explains general exclusions, conditions regarding definitions, warranties, inspections, claims procedures, subrogation, and periods of insurance.
Property all risk and business interruption trainingAfrianto Budi
The document provides an overview of an intermediate-level property/industrial risk insurance policy. It discusses key policy wordings and coverages including all risks, material damage, business interruption, and exclusions. It also outlines general conditions such as definitions, policy avoidance, claims procedures, interest payment, subrogation, average, deductibles, and sum insured. The document appears to be educational material explaining the components and clauses commonly found in property/industrial risk insurance policies.
The document discusses key concepts related to insurance. It defines insurance as a cooperative method of spreading risk among a group of individuals. It also defines key principles of insurance such as utmost good faith, indemnity, subrogation, and causation. Additionally, it outlines different types of insurance like life, non-life, marine, fire, motor and engineering insurance.
This document provides an overview of different types of property and casualty (P&C) insurance. It begins by outlining an agenda covering property insurance, liability insurance, personal insurance, commercial insurance, life and health insurance, risk management techniques, and common P&C terminology. It then proceeds to define and provide examples for each type of insurance, including property insurance, liability insurance, personal insurance, commercial insurance, life and health insurance, and risk management techniques. The document concludes by defining common terminology used in P&C insurance.
The document discusses various topics related to fire insurance claims and coverage. It outlines the types of claims an insurance company expects, including those from fire, natural disasters, accidents, theft, and more. It also describes common areas of coverage in fire insurance policies like structures, personal property, loss of use. The document provides details on coverage exclusions, insurable interest, the duty of utmost good faith, underinsurance, and business interruption insurance.
This module discusses risk management and insurance. It covers topics such as risks and risk management, different types of risks, methods of handling risks including avoiding, controlling, accepting and transferring risks. It also discusses the basic concepts of insurance including risk pooling, law of large numbers, requirements of insurable risks, advantages and disadvantages of insurance. Additionally, it covers personal risk management process, objectives of risk management pre-loss and post-loss, insurance market dynamics and underwriting cycle. Finally, it discusses some key legal principles of insurance contracts such as offer and acceptance, consideration, insurable interest, subrogation and utmost good faith.
Property all risk and business interruption training 3Afrianto Budi
This document provides an overview of property and industrial risk insurance policies at an intermediate level. It discusses all risks property insurance policies, different methods for setting sums insured, indemnity clauses, exclusions, policy wordings, and case studies. The document outlines coverage under sections I and II for material damage and business interruption. It also explains general exclusions, conditions regarding definitions, warranties, inspections, claims procedures, subrogation, and periods of insurance.
Property all risk and business interruption trainingAfrianto Budi
The document provides an overview of an intermediate-level property/industrial risk insurance policy. It discusses key policy wordings and coverages including all risks, material damage, business interruption, and exclusions. It also outlines general conditions such as definitions, policy avoidance, claims procedures, interest payment, subrogation, average, deductibles, and sum insured. The document appears to be educational material explaining the components and clauses commonly found in property/industrial risk insurance policies.
The document discusses key concepts related to insurance. It defines insurance as a cooperative method of spreading risk among a group of individuals. It also defines key principles of insurance such as utmost good faith, indemnity, subrogation, and causation. Additionally, it outlines different types of insurance like life, non-life, marine, fire, motor and engineering insurance.
This document provides an overview of different types of property and casualty (P&C) insurance. It begins by outlining an agenda covering property insurance, liability insurance, personal insurance, commercial insurance, life and health insurance, risk management techniques, and common P&C terminology. It then proceeds to define and provide examples for each type of insurance, including property insurance, liability insurance, personal insurance, commercial insurance, life and health insurance, and risk management techniques. The document concludes by defining common terminology used in P&C insurance.
The document discusses various topics related to fire insurance claims and coverage. It outlines the types of claims an insurance company expects, including those from fire, natural disasters, accidents, theft, and more. It also describes common areas of coverage in fire insurance policies like structures, personal property, loss of use. The document provides details on coverage exclusions, insurable interest, the duty of utmost good faith, underinsurance, and business interruption insurance.
This module discusses risk management and insurance. It covers topics such as risks and risk management, different types of risks, methods of handling risks including avoiding, controlling, accepting and transferring risks. It also discusses the basic concepts of insurance including risk pooling, law of large numbers, requirements of insurable risks, advantages and disadvantages of insurance. Additionally, it covers personal risk management process, objectives of risk management pre-loss and post-loss, insurance market dynamics and underwriting cycle. Finally, it discusses some key legal principles of insurance contracts such as offer and acceptance, consideration, insurable interest, subrogation and utmost good faith.
Insurance Companies- Accounting and Statutory Requirements -ICICI LombardNikita Jangid
This document provides an overview of insurance in India, including:
1) It discusses the history and evolution of insurance in India from early references in ancient texts to the current system with both public and private sector organizations.
2) It outlines the key milestones in the development of insurance regulation and the nationalization and privatization of different sectors over time.
3) It describes the current legal structure and regulatory authorities that govern the insurance market in India.
This document provides an overview of insurance and risk. It defines insurance as the pooling of fortuitous losses among a group to spread risk. Key points covered include the characteristics of an insurable risk, how insurance differs from gambling and hedging, the types of private and government insurance, and the social benefits and costs of insurance.
3) Principles and Practice of ReinsuranceKity Cullen
The document discusses the principles and practice of reinsurance. It covers three main topics: 1) the reinsurance needs of direct insurers in terms of protecting solvency and reducing variability of outcomes, 2) the forms and methods of placing reinsurance, including proportional and non-proportional reinsurance, and 3) reinsurance practices and problems, such as the effects of inflation and floating exchange rates on reinsurance business.
Chapter 06 - Commercial Property Insurance Willy BUN
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.
Chapter 07 - Financial Operations of Insurers Willy BUN
This document discusses the financial operations of insurers, including their financial statements, methods for measuring financial performance, and ratemaking practices. It covers topics like the balance sheets, income statements, key financial ratios, reserves, and premium calculations for both property/casualty and life insurers. Ratemaking involves setting pure premium rates, loss ratios, debits/credits, and experience/retrospective ratings.
This document discusses underwriting policy and practice, including physical and moral hazards, risk classification and categorization, underwriting criteria, policy terms and conditions, and risk exposure control. Key points:
1. Physical hazards relate to direct aspects of a risk that impact insurability, like construction, location, safety devices. Moral hazards relate to the conduct and attitude of the insured before, during and after a loss occurs.
2. Risks are classified by type of coverage and individual risk characteristics to facilitate underwriting. Similar risks are grouped into categories.
3. Underwriting criteria define risk acceptance based on hazard level. Criteria may restrict certain trades, locations, or impose requirements for approval.
Corporate strategy influences underwriting strategy. Underwriting strategy is derived from and aims to implement corporate objectives through business plans and targets. Different types of underwriting strategies exist based on classes of business, products, and organizational structure. The underwriting cycle, market conditions, major events and trends all impact underwriting strategy and must be considered to develop a strategy that achieves corporate goals.
The document discusses life insurance and general insurance accounts. It describes statutory books such as registers of policies and claims. It also discusses the revenue account format for life insurance which debits claims, annuities, surrenders and expenses, and credits the life assurance fund with premiums, consideration for annuities, interest, and reinsurance. The balance sheet format lists assets such as investments and amounts receivable, and liabilities such as share capital and fund balances.
This document provides an outline and overview of guarantees. It defines a guarantee as an undertaking by a guarantor to make payment to a beneficiary if the principal defaults. It discusses the key parties in a guarantee - the beneficiary, principal, and guarantor. It also describes the types of guarantees including conditional/unconditional, fixed/fluctuating, financial, and performance guarantees. Finally, it outlines the benefits of guarantees to banks, principals, and beneficiaries.
Insurance companies-Accounting and statutory requirementJyoti Singh
This document provides an overview of insurance concepts including the key elements of an insurance contract, different types of insurance like life, fire, marine, and general insurance. It discusses concepts like reinsurance, provisions for unexpired risks, and formats for the revenue account and balance sheet. The document is presented by Jyoti Singh and covers topics such as the definition of life and general insurance, explanations of fire and marine insurance, details about reinsurance accepted and ceded, the provision calculation for unexpired risks, and the structure of the revenue account and balance sheet that insurance companies use.
Chapter 03 - Introduction to Risk ManagementWilly BUN
This document provides an overview of risk management. It defines risk management and outlines its key objectives as identifying potential losses and selecting techniques to treat exposures. The main steps in the risk management process are identified as identifying exposures, measuring and analyzing exposures, selecting treatment techniques, and implementing a risk management program. Treatment techniques include risk control methods like avoidance, prevention and reduction, as well as risk financing methods like retention, non-insurance transfers and commercial insurance.
This document discusses various insurance documents and forms used in the insurance process. It describes the purpose and contents of key documents like proposal forms, cover notes, certificates of insurance, policy forms, endorsements, renewal notices, claim forms, and discharge letters. Proposal forms are used to gather risk information and form the basis of the insurance contract. Cover notes provide temporary coverage until the full policy is issued. Policy forms contain the terms and conditions of the insurance agreement. Endorsements are used to modify policy terms, and discharge letters confirm that claims have been fully settled.
This document discusses different types of insurers and marketing systems. It describes the main types of private insurers as stock insurers, mutual insurers, reciprocal exchanges, Lloyd's of London, Blue Cross/Blue Shield plans, HMOs, and captives. It also discusses agents and brokers, and the main life and property/casualty insurance marketing systems which include personal selling by agents, direct response, worksite marketing, and independent agencies.
This document provides an introduction to insurance, including key concepts related to risk. It discusses the nature of risk and how it can be measured using probability. It also defines related concepts like peril, hazard, and loss. The document outlines different categories of risk and various methods for handling risk, including risk avoidance, loss control, risk retention, and risk transfer. It then explains the process of risk management and important characteristics of insurable risk.
Insurance, system of insurance accountingsooraj yadav
Insurance involves pooling funds from many insured entities to pay for losses some may incur. It protects insured entities from risk in exchange for a fee dependent on the likelihood and cost of events. There are two main types of insurance - life insurance which pays out on death or maturity, and general insurance like health, auto, or fire insurance which pays depending on financial losses from covered events. Insurance companies make money through underwriting risks and investing premiums paid, while providing protection through claims payments.
Regulation of the insurance industry in India is governed by the Insurance Act of 1938, the IRDA Act of 1999, and the Insurance Amendment Act of 2002. The IRDA has prescribed accounting formats and standards that insurance companies must follow.
There are two main types of insurance business - life insurance and general insurance. Financial statements for both include a revenue account, profit and loss account, and balance sheet. The revenue account shows incomes and expenses, the profit and loss account shows profits appropriated to shareholders, and the balance sheet records assets and liabilities. Additionally, life insurance companies must prepare a receipts and payments account and segmental reporting.
This document provides an overview of fire insurance. It discusses key principles of insurance like utmost good faith, indemnity, and insurable interest. It also describes different types of fire insurance policies like valued policies, floating policies, declaration policies, and adjustable policies. The document outlines the scope of fire insurance and covers losses from fire and other perils. It also discusses the rights of insurers like salvage, subrogation, and contribution. Specific policy and average policy are also summarized.
This document provides an overview of life insurance underwriting. It defines life insurance and explains that underwriters assess risks, decide whether to accept risks, determine coverage terms and calculate premiums. Underwriters consider factors like medical history, occupation, habits and family history. They make decisions to accept risks at standard or substandard rates, call for more information or decline coverage. Risks are evaluated based on criteria like age, sex, weight and medical impairments. Extra risks may be rated using methods like fixed monetary extras, age additions or temporary/permanent rating combinations.
Non-life insurance includes all insurances that are not life insurances and covers individuals and businesses against losses from events like fire, theft, or accidents by providing monetary compensation; it is commonly purchased for one-year periods and the main non-life insurers in Malta are Middle Sea, GasanMamo and Elmo. Non-life insurance companies account for underwriting results through technical accounts that track premiums, claims, and investment returns allocated to insurance operations.
Dokumen tersebut merupakan ringkasan mengenai asuransi property all risk yang mencakup definisi tertanggung, objek pertanggungan, ruang lingkup pertanggungan, ketentuan khusus, pengecualian, prosedur klaim, dan perhitungan premi.
Inst 1120-PC (Schedule M-3)-Instructions for Schedule M-3 (Form 1120-PC), Net Income (Loss) Reconciliation for U.S. Property and Casualty Insurance Companies With Total Assets of $10 Million or More
Insurance Companies- Accounting and Statutory Requirements -ICICI LombardNikita Jangid
This document provides an overview of insurance in India, including:
1) It discusses the history and evolution of insurance in India from early references in ancient texts to the current system with both public and private sector organizations.
2) It outlines the key milestones in the development of insurance regulation and the nationalization and privatization of different sectors over time.
3) It describes the current legal structure and regulatory authorities that govern the insurance market in India.
This document provides an overview of insurance and risk. It defines insurance as the pooling of fortuitous losses among a group to spread risk. Key points covered include the characteristics of an insurable risk, how insurance differs from gambling and hedging, the types of private and government insurance, and the social benefits and costs of insurance.
3) Principles and Practice of ReinsuranceKity Cullen
The document discusses the principles and practice of reinsurance. It covers three main topics: 1) the reinsurance needs of direct insurers in terms of protecting solvency and reducing variability of outcomes, 2) the forms and methods of placing reinsurance, including proportional and non-proportional reinsurance, and 3) reinsurance practices and problems, such as the effects of inflation and floating exchange rates on reinsurance business.
Chapter 06 - Commercial Property Insurance Willy BUN
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.
Chapter 07 - Financial Operations of Insurers Willy BUN
This document discusses the financial operations of insurers, including their financial statements, methods for measuring financial performance, and ratemaking practices. It covers topics like the balance sheets, income statements, key financial ratios, reserves, and premium calculations for both property/casualty and life insurers. Ratemaking involves setting pure premium rates, loss ratios, debits/credits, and experience/retrospective ratings.
This document discusses underwriting policy and practice, including physical and moral hazards, risk classification and categorization, underwriting criteria, policy terms and conditions, and risk exposure control. Key points:
1. Physical hazards relate to direct aspects of a risk that impact insurability, like construction, location, safety devices. Moral hazards relate to the conduct and attitude of the insured before, during and after a loss occurs.
2. Risks are classified by type of coverage and individual risk characteristics to facilitate underwriting. Similar risks are grouped into categories.
3. Underwriting criteria define risk acceptance based on hazard level. Criteria may restrict certain trades, locations, or impose requirements for approval.
Corporate strategy influences underwriting strategy. Underwriting strategy is derived from and aims to implement corporate objectives through business plans and targets. Different types of underwriting strategies exist based on classes of business, products, and organizational structure. The underwriting cycle, market conditions, major events and trends all impact underwriting strategy and must be considered to develop a strategy that achieves corporate goals.
The document discusses life insurance and general insurance accounts. It describes statutory books such as registers of policies and claims. It also discusses the revenue account format for life insurance which debits claims, annuities, surrenders and expenses, and credits the life assurance fund with premiums, consideration for annuities, interest, and reinsurance. The balance sheet format lists assets such as investments and amounts receivable, and liabilities such as share capital and fund balances.
This document provides an outline and overview of guarantees. It defines a guarantee as an undertaking by a guarantor to make payment to a beneficiary if the principal defaults. It discusses the key parties in a guarantee - the beneficiary, principal, and guarantor. It also describes the types of guarantees including conditional/unconditional, fixed/fluctuating, financial, and performance guarantees. Finally, it outlines the benefits of guarantees to banks, principals, and beneficiaries.
Insurance companies-Accounting and statutory requirementJyoti Singh
This document provides an overview of insurance concepts including the key elements of an insurance contract, different types of insurance like life, fire, marine, and general insurance. It discusses concepts like reinsurance, provisions for unexpired risks, and formats for the revenue account and balance sheet. The document is presented by Jyoti Singh and covers topics such as the definition of life and general insurance, explanations of fire and marine insurance, details about reinsurance accepted and ceded, the provision calculation for unexpired risks, and the structure of the revenue account and balance sheet that insurance companies use.
Chapter 03 - Introduction to Risk ManagementWilly BUN
This document provides an overview of risk management. It defines risk management and outlines its key objectives as identifying potential losses and selecting techniques to treat exposures. The main steps in the risk management process are identified as identifying exposures, measuring and analyzing exposures, selecting treatment techniques, and implementing a risk management program. Treatment techniques include risk control methods like avoidance, prevention and reduction, as well as risk financing methods like retention, non-insurance transfers and commercial insurance.
This document discusses various insurance documents and forms used in the insurance process. It describes the purpose and contents of key documents like proposal forms, cover notes, certificates of insurance, policy forms, endorsements, renewal notices, claim forms, and discharge letters. Proposal forms are used to gather risk information and form the basis of the insurance contract. Cover notes provide temporary coverage until the full policy is issued. Policy forms contain the terms and conditions of the insurance agreement. Endorsements are used to modify policy terms, and discharge letters confirm that claims have been fully settled.
This document discusses different types of insurers and marketing systems. It describes the main types of private insurers as stock insurers, mutual insurers, reciprocal exchanges, Lloyd's of London, Blue Cross/Blue Shield plans, HMOs, and captives. It also discusses agents and brokers, and the main life and property/casualty insurance marketing systems which include personal selling by agents, direct response, worksite marketing, and independent agencies.
This document provides an introduction to insurance, including key concepts related to risk. It discusses the nature of risk and how it can be measured using probability. It also defines related concepts like peril, hazard, and loss. The document outlines different categories of risk and various methods for handling risk, including risk avoidance, loss control, risk retention, and risk transfer. It then explains the process of risk management and important characteristics of insurable risk.
Insurance, system of insurance accountingsooraj yadav
Insurance involves pooling funds from many insured entities to pay for losses some may incur. It protects insured entities from risk in exchange for a fee dependent on the likelihood and cost of events. There are two main types of insurance - life insurance which pays out on death or maturity, and general insurance like health, auto, or fire insurance which pays depending on financial losses from covered events. Insurance companies make money through underwriting risks and investing premiums paid, while providing protection through claims payments.
Regulation of the insurance industry in India is governed by the Insurance Act of 1938, the IRDA Act of 1999, and the Insurance Amendment Act of 2002. The IRDA has prescribed accounting formats and standards that insurance companies must follow.
There are two main types of insurance business - life insurance and general insurance. Financial statements for both include a revenue account, profit and loss account, and balance sheet. The revenue account shows incomes and expenses, the profit and loss account shows profits appropriated to shareholders, and the balance sheet records assets and liabilities. Additionally, life insurance companies must prepare a receipts and payments account and segmental reporting.
This document provides an overview of fire insurance. It discusses key principles of insurance like utmost good faith, indemnity, and insurable interest. It also describes different types of fire insurance policies like valued policies, floating policies, declaration policies, and adjustable policies. The document outlines the scope of fire insurance and covers losses from fire and other perils. It also discusses the rights of insurers like salvage, subrogation, and contribution. Specific policy and average policy are also summarized.
This document provides an overview of life insurance underwriting. It defines life insurance and explains that underwriters assess risks, decide whether to accept risks, determine coverage terms and calculate premiums. Underwriters consider factors like medical history, occupation, habits and family history. They make decisions to accept risks at standard or substandard rates, call for more information or decline coverage. Risks are evaluated based on criteria like age, sex, weight and medical impairments. Extra risks may be rated using methods like fixed monetary extras, age additions or temporary/permanent rating combinations.
Non-life insurance includes all insurances that are not life insurances and covers individuals and businesses against losses from events like fire, theft, or accidents by providing monetary compensation; it is commonly purchased for one-year periods and the main non-life insurers in Malta are Middle Sea, GasanMamo and Elmo. Non-life insurance companies account for underwriting results through technical accounts that track premiums, claims, and investment returns allocated to insurance operations.
Dokumen tersebut merupakan ringkasan mengenai asuransi property all risk yang mencakup definisi tertanggung, objek pertanggungan, ruang lingkup pertanggungan, ketentuan khusus, pengecualian, prosedur klaim, dan perhitungan premi.
Inst 1120-PC (Schedule M-3)-Instructions for Schedule M-3 (Form 1120-PC), Net Income (Loss) Reconciliation for U.S. Property and Casualty Insurance Companies With Total Assets of $10 Million or More
This document discusses strategies for purchasing property and casualty insurance. It recommends putting the most important coverages in place first, choosing the highest deductible that is affordable, and being thorough by ensuring all necessary coverage and potential discounts are considered. Documentation of policy details and conversations with advisors is also advised.
The document discusses the property and casualty insurance sector, noting that it offers good investment opportunities at current prices. While returns have historically been average, strategic choices can lead to sustained attractive returns in the low-to-mid teens for some companies. The sector has remained healthy through the financial crisis, with most insurers paying dividends without needing state aid. However, analysis of individual companies is needed to determine their true sustainable returns and competitive positions.
Costs are amounts that businesses incur to produce goods and services. There are variable costs that change with output and fixed costs that remain constant. Variable costs include raw materials and wages, while fixed costs include rent, salaries, and insurance. Total costs are the sum of fixed and variable costs. Understanding costs is important for entrepreneurs to manage profits, cash flow, and how costs may change with business decisions or activity levels. Accurately estimating all types of costs, which can be difficult, is crucial for business planning and forecasting.
This document provides definitions for over 50 insurance terms, beginning with terms related to reinsurance. It defines terms such as ab initio, accident, accident cover, act of God, actual total loss, adjuster, advice, agent, aggrieved party, agreed value, amount covered, arbitration, arson, Australian Financial Services Licensee, and binder. The document continues alphabetically defining additional insurance-related terms through to contribution.
Business risks-failures-reorganization-and-liquidation-Felyn Denise Jover
The document discusses various types of risks and insurance. It defines risk as variability in possible outcomes of an event based on chance or uncertainty associated with exposure to loss. There are internal and external risks for organizations. Common risks include strategic, financial, operational, compliance, and natural disaster risks. The document also defines insurance and describes common insurance policies like life, non-life, fire, motor vehicle, and how they can help businesses and individuals manage different risks.
This document provides an overview of key concepts in insurance policies, including:
1. Policies are contracts between the insured and insurer that outline the agreement including coverage details, premium, and exceptions.
2. Cover notes and certificates provide interim proof of insurance until the full policy is issued.
3. Policies consist of definitions, conditions, clauses/warranties, exclusions, and schedules which make the coverage specific to each insured.
4. Warranties are promises by the insured that must be fulfilled, while breaches allow insurers to deny claims from the date of the breach. Exclusions specify risks the insurer will not cover.
Insurance law is the practice of law surrounding insurance, including insurance policies and claims. It can be broadly broken into three categories - regulation of the business of insurance; regulation of the content of insurance policies, especially with regard to consumer policies; and regulation of claim handling.
This document discusses various methods of risk reduction and risk financing. It describes loss prevention and loss control as two types of risk reduction, aimed at preventing losses from occurring or reducing the severity of losses. Risk reduction measures can be applied before, during or after an occurrence. Risk can be financed through risk retention methods like self-insurance or captives, or risk transfer methods like insurance or alternative risk transfers using instruments like derivatives, catastrophe bonds, and more. Residual risk usually remains after risk treatment.
This document discusses key principles of insurance, including insurable interest, subject matter of insurance, assignment of policies, utmost good faith, proximate cause, indemnity, subrogation, and contribution. It defines these terms and explains concepts like when insurable interest must exist, exceptions to free assignment of policies, the duration of utmost good faith, factors limiting indemnity, and conditions required for contribution between insurers.
- Insurable interest requires that the insured has a financial stake in the insured subject both at the start and at the time of loss. This differs from gambling.
- Utmost good faith requires full disclosure of all material facts and maintains throughout the contract period. Failure to do so through non-disclosure or misrepresentation makes the contract voidable.
- The insurer's liability is generally limited to indemnifying the insured for their actual financial loss up to the sum insured under the policy terms. Subrogation and contribution principles apply when multiple parties are liable for the loss.
- Insurance requires an insurable interest, which is a financial interest in the subject matter being insured. This interest must exist when the policy is issued and when a loss occurs.
- The duty of utmost good faith requires applicants and policyholders to disclose all material facts truthfully. Non-disclosure or misrepresentation can make a policy voidable.
- The principle of indemnity means that insurance pays to restore the insured to the same financial position as before a loss, not to benefit from a loss. Payments are made through cash, repair, replacement or reinstatement up to the sum insured or policy limits.
- Subrogation and contribution allow insurers to recover costs from responsible third
General insurance companies provide financial protection against losses from events like fire, floods or theft. They earn income from premiums paid by policyholders and investment returns. Premiums cover costs like claims payments, expenses and dividends. Investment returns depend on market conditions and vary yearly. Reliance General Insurance offers over 80 insurance products across categories like personal accident, fire, marine, motor, health and travel. It aims to make insurance accessible through branches across India and online services. The company follows quality standards and received ISO 9001:2000 certification.
What's wrap up insurance and do i need it FernandoCourts
Wrap-up insurance is the ideal liability policy that guarantees your coverage incorporates everything you need on those multi-million-dollar jobs. If you are primed to take on significant projects, it's time to start considering wrap-up insurance.
1-The Basics Parts of an Insurance Contract
Declarations
Definitions
Insuring Agreement
Exclusions
Conditions
Deductibles
Miscellaneous Provisions
Insured
Rider And Endorsement
2-COINSURANCE
A coinsurance formula is used to determine the
amount paid for a covered loss. The coinsurance for-
mula is as follows:
(Amount of insurance carried/Amount of insurance required) * Loss = Amount of recovery
This document provides an overview of insurance concepts and types of insurance in India. It defines insurance as a contract where one party agrees to indemnify another for financial losses from uncertain future events in exchange for premium payments. There are two main types of insurance in India - life insurance and general insurance, which includes fire, marine, and miscellaneous. Life insurance protects against risks to life, while fire insurance indemnifies for property damage or loss from fire. Marine insurance covers losses from sea perils during ocean transit.
This presentation will explore how project risk can be shared with the insurance market and what special insurance clauses are needed for large construction projects. It will cover the following topics:
(1) The benefits and challenges of risk transfer in project management
(2) The types and features of insurance products available for project risk mitigation
(3) The best practices and examples of special insurance clauses for large construction projects
The presentation aims to provide a practical guide for project managers, contractors, consultants, and insurers who are involved in or interested in large construction projects. It will also offer insights into case studies.
One Underwriting General & Products Liability Insurance Clubs and HotelsMatrix Insurance Brokers
This document provides the policy wording for a General and Products Liability Insurance policy arranged by One Underwriting Pty Ltd for clubs and hotels.
It outlines key sections of the policy including definitions, exclusions, conditions, limits of liability, and dispute resolution procedures. Important notices are also provided regarding duties of disclosure, privacy, and the Insurance Contracts Act.
The policy indemnifies the insured for legal liability for injury, property damage and advertising injury claims that arise from the insured's business operations, and provides defense costs in addition to the liability limit. Various extensions of coverage are also included.
Professional Indemnity insurance protects professionals and organizations from financial losses resulting from claims made by third parties due to negligent acts, errors or omissions. It covers damages, settlements and defense costs. Key components of a PI policy include coverage for the firm arising from professional duties, claims made basis, limits of indemnity, and exclusions. Common professions that purchase PI include accountants, lawyers, consultants, engineers and medical professionals. Underwriting considers factors like revenues, claims history, staff experience and largest contracts to determine risk profile and premium.
This document provides an overview of various types of personal property and liability insurance policies. It discusses householder's insurance which provides comprehensive coverage for homeowner risks. It also covers motor vehicle insurance, including third-party liability insurance and comprehensive motor insurance. Other liability insurances discussed include directors' and officers' liability insurance, professional indemnity/liability insurance, products liability insurance, general liability insurance, public liability insurance, and workmen's compensation insurance.
The document is a slide presentation on engineering insurance. It begins with a welcome slide and introduces the topic of the presentation. It then provides information over several slides on different types of engineering insurance policies that cover both the construction and operational phases of projects. Key policies discussed include contractors all risks, erection all risks, boiler and pressure plant, and machinery breakdown insurance. The slides define the policies, outline what is covered and excluded, and provide other details about terms, conditions, and requirements.
Self-Insured Retentions Part 2: An Examination of the Uses and Problems (from...NationalUnderwriter
This second and concluding part of the discussion on self-insured retentions first itemizes the points that should be
considered when either drafting or accepting SIRs. The discussion then addresses some additional problem areas not only with self-insured retentions having to do with primary liability policies, but also with the SIR feature of umbrella policies. It is not unusual, furthermore, for litigants, among others, to confuse deductibles with self-insured retentions, and there are differences, as one case discussed points out. In light of the fact that self-insured retentions also are growing, it also is important that parties to a contract are informed of their existence. To not do so, could end up with the accusation of failure to procure the proper insurance and, of course, such a breach is not covered by liability policies. It is for this reason that perhaps insurance certificates should be amended to insert room to notify (and warn) certificate holders of an SIR existence.
Similar to Property all risk and business interruption training 1 (20)
Buku Soal Jawab LSPP AAMAI 102: Hukum Asuransi Tahun 2024Afrianto Budi
Telah terbit buku Latihan Soal Jawab Ujian LSPP AAMAI 102: Hukum Asuransi, Edisi 2024. Buku ini adalah buku latihan untuk mempersiapkan ujian LSPP AAMAI subject Ujian: K.651210.102.01 “MENERAPKAN SISTEM HUKUM PADA PENYELENGGARAAN USAHA ASURANSI” untuk sepanjang tahun 2024. Buku ini disusun dengan penambahan soal-soal ujian online tahun 2022 dan 2023. Buku ini juga dilengkapi dengan 55 soal latihan untuk menguji ketajaman pemahaman Anda terhadap materi buku ini, agar siap menempuh ujian LSPP AAMAI di sepanjang tahun 2024.
Judul Buku: Latihan Soal Jawab Ujian LSPP AAMAI 102: Hukum Asuransi, Edisi 2024
Tahun Terbit: Februari 2024
Jumlah Halaman: 307 termasuk cover dan lampiran
Harga: Rp. 55,000 / buku
Bentuk: ebook / pdf
Buku Soal Jawab LSPP AAMAI 101: Praktik Asuransi Tahun 2024Afrianto Budi
Telah terbit buku Latihan Soal Jawab Ujian LSPP AAMAI 101: Praktik Asuransi, Edisi 2024. Buku ini adalah buku latihan untuk mempersiapkan ujian LSPP AAMAI subject Ujian: K.651210.101.01 “MENERAPKAN PENGELOLAAN PRAKTIK ASURANSI PADA PENYELENGGARAAN USAHA ASURANSI” untuk sepanjang tahun 2024. Buku ini disusun dengan penambahan soal-soal ujian online tahun 2022 dan 2023. Buku ini juga dilengkapi dengan 55 soal latihan untuk menguji ketajaman pemahaman Anda terhadap materi buku ini, agar siap menempuh ujian LSPP AAMAI di sepanjang tahun 2024.
Judul Buku: Latihan Soal Jawab Ujian LSPP AAMAI 101: Praktik Asuransi, Edisi 2024
Tahun Terbit: Februari 2024
Jumlah Halaman: 611 termasuk cover dan lampiran
Harga: Rp. 55,000 / buku
Bentuk: ebook / pdf
Cyber insurance protects against risks from technology and data use. In Indonesia in 2022, there were 7 cases of personal data breaches including the largest data breach in Asia involving 1.3 billion SIM cards. Regulations on data protection are increasing globally and in Indonesia. Cyber insurance works as part of an overall cyber risk management plan including risk assessment, protection/detection, and response plans. It covers first-party losses like data loss and third-party liability from issues like data privacy breaches. The scope of coverage depends on factors like a company's industry, size, security practices, and data management.
Buku ini membahas tentang lingkungan peraturan dan hukum underwriting di Inggris dan Indonesia. Di Inggris, Financial Services Authority berupaya mencapai tujuannya dengan mengidentifikasi risiko utama dan mengalokasikan sumber daya berdasarkan tingkat risiko. Di Indonesia, POJK mengatur tentang perlindungan konsumen dan ketentuan underwriting yang harus memiliki pedoman yang sesuai dengan praktik yang berlaku.
Soal Jawab AAMAI 102: Hukum Asuransi +50 Soal Online 2021 dan Prediksi Soal 2022Afrianto Budi
Telah tersedia buku soal-jawab LSPP AAMAI Edisi Ujian 2022 yang dilengkapi dengan 50 Soal Ujian 2021 dan Prediksi Ujian 2022.
Kode Subject: K.651210.102.01
Judul: Soal Jawab Ujian LSPP AAMAI
102: Hukum Asuransi +50 Soal Online 2021 dan Prediksi Soal 2022
Jumlah halaman: 289 termasuk cover
Harga: Rp. 55,000
Bentuk buku: e-book / pdf
Harga: Rp 50.000
Penyusun: Afrianto Budi Purnomo
Periode Soal: Maret 2012 s/d Maret 2021
Ukuran: A4
Tebal: 400 halaman
Penerbit: AkademiAsuransi
Sejak pandemi covid-19, ujian gelar keahlian oleh AAMAI diselenggarakan secara daring. Terjadi beberapa kali penundaan ujian sertifikasi profesi. Hingga pada akhirnya, ujian AAMAI diselenggarakan secara daring sejak Februari hingga Maret 2021. Kurikulum masih sama, tetapi tipe soal sedikit berbeda. Sebelum pandemi, ada 14 soal yang terdiri dari 8 soal esai singkat dan 6 soal uraian panjang yang bisa dipilih 4 dari 6 soal. Pada ujian daring, soal dibuat menjadi 20 soal dengan jawaban uraian dengan waktu menjawab dengan kisaran 2-10 menit. Namun materi dan kurikulum masih tetap sama.
Silakan order melalui www.akademiasuransi.org
Bentuk buku: e-book / pdf
Harga: Rp 50.000
Penyusun: Afrianto Budi Purnomo
Periode Soal: Maret 2012 s/d Maret 2021
Ukuran: A4
Tebal: 299 halaman
Penerbit: AkademiAsuransi
Sejak pandemi covid-19, ujian gelar keahlian oleh AAMAI diselenggarakan secara daring. Terjadi beberapa kali penundaan ujian sertifikasi profesi. Hingga pada akhirnya, ujian AAMAI diselenggarakan secara daring sejak Februari hingga Maret 2021. Kurikulum masih sama, tetapi tipe soal sedikit berbeda. Sebelum pandemi, ada 14 soal yang terdiri dari 8 soal esai singkat dan 6 soal uraian panjang yang bisa dipilih 4 dari 6 soal. Pada ujian daring, soal dibuat menjadi 20 soal dengan jawaban uraian dengan waktu menjawab dengan kisaran 2-10 menit. Namun materi dan kurikulum masih tetap sama.
Silakan cek di www.akademiasuransi.org
Bentuk buku: e-book / pdf
Harga: Rp 50.000
Penyusun: Afrianto Budi Purnomo
Periode Soal: Maret 2012 s/d Maret 2021
Ukuran: A4
Tebal: 233 halaman
Penerbit: AkademiAsuransi
Sejak pandemi covid-19, ujian gelar keahlian oleh AAMAI diselenggarakan secara daring. Terjadi beberapa kali penundaan ujian sertifikasi profesi. Hingga pada akhirnya, ujian AAMAI diselenggarakan secara daring sejak Februari hingga Maret 2021. Kurikulum masih sama, tetapi tipe soal sedikit berbeda. Sebelum pandemi, ada 14 soal yang terdiri dari 8 soal esai singkat dan 6 soal uraian panjang yang bisa dipilih 4 dari 6 soal. Pada ujian daring, soal dibuat menjadi 20 soal dengan jawaban uraian dengan waktu menjawab dengan kisaran 2-10 menit. Namun materi dan kurikulum masih tetap sama.
Silakaan pesan di www.akademiasuransi.org
Bentuk buku: e-book / pdf
Harga: Rp50.000
Penyusun: Afrianto Budi Purnomo
Periode Soal: Maret 2006 s/d Maret 2021
Ukuran: A4
Tebal: 191 halaman
Penerbit: AkademiAsuransi
Sejak pandemi covid-19, ujian gelar keahlian oleh AAMAI diselenggarakan secara daring. Terjadi beberapa kali penundaan ujian sertifikasi profesi. Hingga pada akhirnya, ujian AAMAI diselenggarakan secara daring sejak Februari hingga Maret 2021. Kurikulum masih sama, tetapi tipe soal sedikit berbeda. Sebelum pandemi, ada 14 soal yang terdiri dari 8 soal esai singkat dan 6 soal uraian panjang yang bisa dipilih 4 dari 6 soal. Pada ujian daring, soal dibuat menjadi 20 soal dengan jawaban uraian dengan waktu menjawab dengan kisaran 2-10 menit. Namun materi dan kurikulum masih tetap sama.
Silakan order melalui www.akademiasuransi.org
Soal Jawab 102: Hukum Asuransi - Persiapan ujian ONLINE Juni 2021 Afrianto Budi
Soal Jawab 102: Hukum Asuransi - Persiapan ujian ONLINE Juni 2021
Bentuk buku: e-book / pdf
Harga: Rp 50.000
Penyusun: Afrianto Budi Purnomo
Periode Soal: Maret 2006 s/d Maret 2021
Ukuran: A4
Tebal: 287 halaman
Penerbit: AkademiAsuransi
Sejak pandemi covid-19, ujian gelar keahlian oleh AAMAI diselenggarakan secara daring. Terjadi beberapa kali penundaan ujian sertifikasi profesi. Hingga pada akhirnya, ujian AAMAI diselenggarakan secara daring sejak Februari hingga Maret 2021. Kurikulum masih sama, tetapi tipe soal sedikit berbeda. Sebelum pandemi, ada 14 soal yang terdiri dari 8 soal esai singkat dan 6 soal uraian panjang yang bisa dipilih 4 dari 6 soal. Pada ujian daring, soal dibuat menjadi 20 soal dengan jawaban uraian dengan waktu menjawab dengan kisaran 2-10 menit. Namun materi dan kurikulum masih tetap sama.
Silakan order di www.akademiasuransi.org
Dokumen tersebut membahas tentang persiapan ujian LSPP AAMAI untuk mata pelajaran 101 Praktek Asuransi yang akan diselenggarakan secara online pada bulan Juni 2021. Dokumen ini berisi kumpulan soal dan jawaban ujian LSPP AAMAI sejak tahun 2006 hingga 2021 untuk membantu persiapan menghadapi ujian tersebut.
Tutorial LSPP AAMAI 101 - Praktik Asuransi, Maret 2020Afrianto Budi
Hubungan antara risiko dan asuransi merupakan hal yang sangat penting. Risiko dapat didefinisikan sebagai ketidakpastian atas kerugian di masa depan, yang memiliki dua parameter utama yaitu frekuensi dan severity. Frekuensi menunjukkan seberapa sering suatu risiko terjadi, sedangkan severity menunjukkan besarnya dampak kerugian. Profil risiko dapat berupa high frequency-low severity atau low frequency-high severity, yang mempengaruhi keputusan penangg
Tutorial LSPP AAMAI 102 - Hukum Asuransi, Maret 2020Afrianto Budi
Berikut ini adalah Soal Jawab LSPP AAMAI K.651210.102.01 untuk ujian di bulan Maret 2020:
Judul: 102: Hukum Asuransi, Maret 2020 - Soal-Jawab Ujian LSPP AAMAI - Maret 2006 s.d. Oktober 2019
Subject: MENERAPKAN SISTEM HUKUM PADA PENYELENGGARAAN USAHA ASURANSI
Periode soal: Maret 2006 s/d September 2019
Jumlah halaman: 287 termasuk cover
Harga: Rp. 50,000
Tutorial LSPP AAMAI 103 - Bisnis dan Keuangan Asuransi, Maret 2020Afrianto Budi
Buku ini berisi kumpulan soal dan jawaban ujian LSPP AAMAI untuk persiapan ujian Maret 2020, mencakup berbagai bab seperti struktur bisnis asuransi, manajemen bisnis asuransi, pemasaran, sumber daya manusia, akuntansi, keuangan, dan teknologi. Buku ini disusun oleh Afrianto Budi untuk membantu persiapan calon peserta ujian
Tutorial LSPP AAMAI 104 - Asuransi Kendaraan Bermotor dan Liability, Maret 2020Afrianto Budi
Berikut ini adalah Soal Jawab LSPP AAMAI K.651210.104.01 untuk ujian di bulan Maret 2020:
Judul: 104: Asuransi Kendaraan Bermotor dan Liability, Maret 2020 - Soal-Jawab Ujian LSPP AAMAI Maret 2012 s.d. Oktober 2019
Subject: Melaksanakan pengelolaan risiko dan akseptasi lini usaha asuransi kendaraan bermotor dan tanggunggugat - K.651210.108.01
Periode soal: Maret 2006 s/d September 2019
Jumlah halaman: 233 termasuk cover
Harga: Rp. 50,000
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
2. All risks policy wordings
Assess EMUPML factors and retention
levels
The pros and cons of different methods of
setting the sum insured and its impact of
claims
Indemnity, Reinstatement Day One
Reinstatement, Valued Policies, First Loss,
Deductibles and Other
Clauses that effect value
Industrial Special Risk policy wordings and
some extensions cover
Case studies
4. Covers All Risks of Physical Loss, Destruction or
Damage to the insured property occurring
during the policy period subject to terms,
conditions and exclusions.
Wider coverage than Fire and Allied Perils
Insurance Policy.
In Indonesia, we usually use Munich-Re PAR /
lAR wording.
5. The Policy form consist of:
a)
Section I - Material Damage
b)
Section II - Business Interruption
The cover In its widest from will Include the following
perils/covers:
Fire and all Special Perils
Burglary
Machinery Breakdown/ Boiler Explosion/ Electronic Equipment Insurance
Business lnterruption (Fire and all Special Perils) .
6. Cover:
unforeseen, sudden and accidental physical loss destruction
or damage at the premises(s)
other than those specifically excluded in the General or
Special Exclusions.
In a manner necessitating repair or replacement,
Indemnify
In cash, replacement or repair (at the Insurers' option)
Up to an amount not exceeding the sum insured or in any
one event the limit of indemnity where applicable
7. Property insured will include:
i.
Buildings, Contents
ii.
Stocks and materials in trade
iii.
Furniture, Fixtures, Fittings, Office and Business
Equipments
lv.
Plant, Machinery
8. Covers all the premises specified/listed in the Schedule
which Is interrupted or interfered with in consequence of
loss destruction or damage indemnifiable under Section I.
Indemnify the Insured for the amount of loss as hereinafter
defined resulting from such interruption or interference
provided that the liability of the Insurers in no case exceeds
the total sum to be insured
9. PAR/IAR has predominated in the property insurance market because of the benefits it provides to
both Insureds and Insurers.
For Insureds, the All-Risk Form eases concerns about gaps in coverage;
For insures;, it promotes efficiency by reducing the probability of underwriting the same risk
mutiple times.
which party bears the burden of proof :
Insureds generally bear the burden of proving that coverage for a particular cause of loss Is
triggered, while
Insurers bear the burden of proving any exceptions to coverage. When an exclusion applies, the
burden usually shifts back to the Insured to establish any exceptions to the exclusion.
10.
1
Perang, invasi, tindakan musuh asing, permusuhan atau operasi menyerupai perang (baik
perang dldeklarasikan atau tidak) atau perang saudara :
Kerusuhan, pemogokan, penghalangan pekerja, tindakan jahat, penjarahan,
pembangkangan, huru-hara, pembangkltan militer, pembangkitan rakyat,
pemberontakan, revolusi, kekuatan militer atau pengambil-alihan kekuasaan militer,
penyitaan, pengambil-alihan atau nasionalisasi, tindakan terorisme. "Terorisme‘’ berarti
penggunaan kekerasan untuk tujuan politik dan termasuk penggunaan kekerasan apapun
dengan tujuan untuk membuat publik atau bagian dari publik dalam ketakutan
11.
3
4
Bahan peledak beracun radloaktif atau barang berbahaya lain dari bahan peledak nuklir
rakitan atau komponen nuklirnya
2
Radiasi ionisasi atau kontaminasi oleh radioaktivitas dari bahan bakar nuklir atau limbah
nuklir dari pembakaran bahan bakar nuklir
Tindakan sengaja atau kelalaian sengaja Tertanggung atau wakilnya
Penghentian pekerjaan total atau parsial
12. 1. Definition
2. Policy Avoidance
3. Berakhirnya Polis
4. Warranties
lkhtisar Bagian
dan Endosemen
dan Kuesioner
dianggap
menjadi kesatuan
pada dan bagian
yang tidak
terpisahkan dari
polis itu.
Polis ini dapat
menjadi tidak
berlaku dalam hal
salah deskripsi,
salah penyajian
atau tidak
diungkapkannya
setiap keterangan
materiil.
Bagian I polis ini menjadi tidak
berlaku berkenaan dengan
Harta Benda yang
diasuransikan terdapat suatu
perubahan setelah berlakunya
asuransi ini karena
pemindahan, risiko meningkat,
atau kepentingan tertanggyng
berakhir, kecuali diakui oleh
Penanggung secara tertulis.
Bagian II Polis ini menjadi tidak
berlaku jika setelah berlakunya
asuransi ini usaha ditutup atau
dijalankan oleh likuidator atau
kurator atau dihentikan secara
permanen atau, kepentingan
tertanggung berakir, risiko
meningkat, kecuali diakui oleh
penanggung secara tertulis.
Setiap janji yang
disyaratkan
(express) atau
mungkin
disyaratkan sejak
saat Janji tersebut
melekat (lmplied)
selama
berlakunya polis,
etc
13. 5. Reasonable
Precautions
6. Right of Inspection
Tertanggung
harus melakukan
segala tindakan
pencegahan yang
wajar untuk
mencegah
kerugian
kehancuran atau
kerusakan
Wakil penanggung
pada tiap waktu
berhak menginspeksi
dan mengkaji risiko
dan Tertanggung
harus memberikan
kepada wakil
Penanggung semua
keterangan rinci dan
informasi yang
diperlukan untuk
penilaian risiko.
7. Claim Procerudes
Menjaga bagian yang
terkena dampak kerugian
dan membuatnya tersedia
untuk diinspeksi oleh
penanggung;
Menyerahkan semua
informasi yang diminta
oleh Penanaggung
Segera memberitahu
polisi/pihak yang
berwenang dalam hal
kehilangan atau kerusakan
karena pencurian atau
pembongkaran atau
kerusakan akibat
perbuatan jahat
Tertanggung tidak berhak
mengabandon harta benda
kepada Penanggung baik
yang diambil alih oleh
Penanggung atau tidak
Tidak ada klaim yang dapat
dibayar kecuali syarat-syarat
dari Kondisi ini telah
dipenuhi.
Jika suatu klaim curang
dalam hal apapun atau jika
cara curang digunakan oleh
Tertanggung atau yang
mengatasnamakan dia maka
semua manfaat berdasarkan
polis ini menjadi hilang.
14. 8. Indemnity
9. Interest Payment
10. Mediation/
Arbritation
11. Subrogation
• Penanggung akan
mengembalikan posisi
keuangan Tertanggung
sebelum kerugian terjadi,
tidak lebih baik, tidak lebih
buruk.
• Penanggung mengganti
kerugian melalui penggantian
atau perbaikan atau
pembayaran nilai kerugian.
• Penanggung berhak untuk
menahan ganti rugi jika ada
keraguan dan sehubungan
dengan hukum pidana.
Penanggung tidak
bertanggungjawab
membayar bunga
selain bunga karena
gagal bayar.
Klausul yang
menyediakan sarana
untuk menyelesaikan
perselisihan antara
tertanggung dan
perusahaan asuransi.
•
•
•
Penanggung memperoleh
hak kepemilikan atas
kerugian yang telah
dibayarkan oleh
Penanngung.
Penanggung dapat
melaksanakan hak hukum
yang dilasanakan atas nama
Tertanggung.
Penanggung berhak
menuntut kepada pihak
yang menyebabkan kerugian
untuk jumlah yang
dibayarkan dalam polis.
15. 12. Other Insurance
13. Period
• A loss is to be apportioned
• The period of Insurance is one
among insurers when more
year. Inception and expiry shall
than one policy covers the same
both be 12 o'clock noon at the
loss.
dates entered in the Schedule.
• Some policies provide no
• The insurance is automatically
coverage when other insurance
renewed for a year. unless
is in place some pay a pro rata
Insurer or Insured request in
share, and others apply in
writing
excess.
• the termination at the expiry
• Comply with the principle of
date, giving 30 days notice.
indemnify which states than an
insred should not profit from an
insured loss
14. Average
In instances of
underinsurance, i.e. if a sum
insured is less than the value
to be insured, the indemnity
may be proportionately
reduced.
16. 15. Deductible
16. Sum Insured
• This policy does not cover the amounts of the
deductibles stated in the Schedule In respect of
each and every loss as . ascertained after the
application of all other terms and conditions of
the policy Including any condition of Average.
• The sum(s) insured shall not be reduced by any
indemnity payments.
• (STANDARDS)
• Warranted that the Insured shall not effect
Insurance In respect of the amounts of the
deductibles stated in the Schedule.
17. 14. Average
The Policy shall be subject to condition of average.
Section l:
Under Insurance on each item Insured will be considered as being own
Insurer for the difference
Section ll:
Provided that If lhe sum Insured by this item be less than the sum
produced by applying the Rate of Gross Profit to the Annual Turnover (or
to a proportionately increased multiple there of where the Maximum
Indemnity Period exceeds twelve months) the amount payable shall be
proportionately reduced.
18. 15. Deductible
The number of deductibles applicable to a loss can be a cause of
contention (argument).
This is particularly the case where there are potentially multiple causes of
the property damage and business Interruption
Example of flood, wind or storm, the policy would normally defined wheter
flood, wind or storm constitutes one occurence, and therefore one
deductible is payable by the Insured, by reference to a temporal limit, for
for example 72 hour. Multiple occurences would impact upon the number
of deductibles and affect the amount paid by the insured, insurer or
reinsurer.
On the particularly large losses, where there are excess layers on both
insurance and reinsurance levels, this can create significant Issues due to
the varying Interests Involve
19. 16. Sum Insured
Amount fixed In the policy which usually serves for three purposes:
as policy limit of liability
In the application of average
for premium calculation
Sum Insured under section I relates to:
Building, Machineries, Furniture, Fixtures, Fittings &
Electrical Installations shall be on Reinstatement Value basis
only;
The Stocks shall be covered on Market Value basis.
20.
Calculation of the sum Insured under Section I takes the following Into account:
Historical fugures are used but the bussines interruption lnsurance Insures future
losses ( trends and plans)
The maximum lndemnity period
Business interruption may start any time -o.g. end of Insurance period
Business lnterruption policy Insures Gross Profit
Insured's last published financial statements are used In determining Gross Profit
The Gross Profit Is adjusted for inflation and any known events that may affected the
business results a.g. Pending installation of new machineries or plants to increase
production.
The length of the Indemnity period will also be considered. Annual figures need to be
proportionately Increased for periods longers than a year.
lnterruption may occur at any time even on the last day of Insurance. This means that an
lndemnity period at least 12 months more than what is required should be applied. For
12 months - use a trend of 2 years ahead, etc.
21. Loss destruction of or damage to:
1. Property in the course of construction or erection
2. Property being worked upon and actually arising from the process of manufacture, testing,
repairing, cleaning, restoring, alteration, renovation, or servicing
3. Property in transit by road, rail, air, or water
4. Licened road vehicles, railway locomotives and rolling stock, watercraft, aircraft, spacecraft,
and the like
5. Jewellery, preious stones, precious metals, bullion, furs, curiosities, rare books, or works of
art
6. Standing timber, growing crops, animals, birds, fish
22. 7. Land (including topsoil, backfill, drainage, or culvert), driveways, pavements, roads,
runways, railways lines, dams, reservoirs, surface water, underground water, canals, rigs,
wells, pipelines, cables, tunnels, bridges, docks, piers, wharves, mining property underground,
offshore property
8. Property in the possession of customers under Rental Aggrements or Hire Purchase,
Credits, or other Suspensive Sale Agreements
9. Property which at the time of the happening of loss descruction or damage is insured by or
would but for the existence of this policy be insured by any marine policy or policies.
23. Loss destruction of or damage to the property insured directly or indirectly
caused by or arising out of or aggravated by:
Delay loss of market or other consequential or indirect loss or damage of any
kind or description whatsoever
Dishonesty, fraudulet act, truct, device, or other false pretence
Disappearance unexplained or inventory shortage
24. Loss destruction of or damage to the property insured directly or indirectly
caused by or arising out of or aggravated by:
4. Joint leakage, failure of welds, cracking,
fracturing, collapse or overheating of
boilers, economisers, super heaters,
pressure vessels, or any range of steam
and feed piping in conection therewith
mechanical or electrical breakdown or
derangement in respect of the particular
machine apparatus of equipment in which
such breakdown or derangement
originates.
If leakage or seepage of water (including
humidity or vapor) occurs for a period of longer
than 14 days, damage to real property caused by
the seepage may be excluded from coverage
A “mechanical breakdown” of the moving parts
of machinery will also be excluded if the
breakdown results from intemal defects in the
machinery.
This exclusion, which is based upon the notion
that fortuitous losses are not covered, applies to
perils that are intrinsic to or hidden within the
property itself
25. The 'wear and tear" exclusion precludes coverage for
normal or ordinary damage to property that occurs over
the period of its useful life.
The related exclusion for "corrosion" excludes coverage
for rust, decay, and deterioration of property.
These exclusions relate to the broader concept of
'inherent vice or latent defect’.
The "mold' exclusion, for which questions of causation
and ensuing loss are particularly important to the
coverage analysis.
5. All gradually operating causes,
including but not limited to wear
and tear, rust, corrosion, mildew,
mould, fungus, wet or dry rot,
gradual deterioration, latent
defect, inherent vice, slowly
developing deformation or
distortion, incects larvae or vermin
of any kind, microbes of any kind,
unless sudden and unforseen
physical loss destruction or damage
ensues in which case insurers
liability sall be limited to such
ensuing loss damage or descrution.
26. Viewed in that light, losses falling within the scope of the exclusion for wear and tear are not risks
at all, but rather Inevitable consequences.
Consensus that these types of losses are not to be covered explains why there are so very few
decided cases concerning the precise scope of the exclusion.
One decision that does provide some guidance in this area is Cyclops Corp. v. Home Insurance
Co.,51 where the Court stated:
Construing the words "wear and tear” In their everyday common usage, we are convinced
that the words "wear and tear” mean simply and solely that ordinary and natural
deterioration or abrasion which an object experiences by Its expected contacts between Its
component parts and outside objects during the period of Its natural life expectancy.
When the insurer does rely upon the wear and tear exclusion, the insured will argue that the
deterioration is remarkable or extraordinary, thereby removing the loss from the Intended
scope of the exclusion
27. THE "INHERENT VICE" EXCLUSION
"Inherent vice” (sifat natural dari objek itu sendiri) generally involves internal decomposition or
some quality which brings about an object’s own damage or destruction.
The inherent vice exclusion simply restates the need to demonstrate that a loss arose from an
“external cause”. If the property contains the seeds of its own loss then the loss cannot be
treated as the result of an external cause.
To the extent that a policy expressly requires proof of an external cause
(i.e., “all risks of direct physical loss of or damage ... from any external
cause except as hereinafter provided”), the exclusion is superfluous.
28. THE “LATENT DEFECT" EXCLUSION
The “latent defect” exclusion is intended to preclude indemnity if the loss or damage to the
insurable property is attributable to a defect which could not be discovered by known or
customary tests.
The purpose of the exclusion Is to ensure that the insurer does not become a guarantor of the
quality or fitness of the insured's property. That function is performed through enforcement of
the contractual obligations which the supplier of the property owes to the insured.
29. "Latent Defects" and "Design Defects"
It is generally recognized that “latent defect” does not embrace "design defect”. In Mattis v.
State Farm Fire & Casualty Co., it was indicated that "latent defect" was limited in its scope to
any defects in the materials used for construction and did not include matters of design or
construction.
30. 5. MECHANICAL OR ELECTRICAL BREAKDOWN OR DERANGEMENT IN OR
ON THE PREMISES, UNLESS FIRE ENSUES
There has been some progress by the courts with respect to the Interpretation of terms such as "mechanical
breakdown" and "derangement". As will be seen below, the courts have attempted to resolve the uncertainty
surrounding these terms by examining them in light of the rest of the policy and by looking at the context in which the
policy was drafted.
For example, in Jeffrey v. Insurance Corporation of British Columbia, 34
In reaching its conclusion, the court was guided by decisions in two similar cases and quoted the following paragraph
from a British Columbia Court of Appeal decision: 34 ( “Mechanics/ breakdown, It seems to me, must be interpreted in
the circumstances of this case and in its context as a failure in operation due to some mechanical defect In some parts or
parts of the equipment when properly assembled to constitute a crane. Here the figure to operate was due to
negligence in assembling the machine so that it could function as an operating unit... There was an operating failure
not due to any mechanical defect but to negligences”
31. 6. Pollution or contamination
unless caued by fire, lightning,
explosion, aircraft, or other
aerial devices or articles
dropped there from riot, civil
commotion, strikes, locked out
workers, persons taking part in
lapour disctubances, malicious
persons (other than thieves),
earthquake, storm, flood,
escape of water from any tank,
apparatus or pipe or impact by
any road vehicle or animal.
The scope of the “pollution” exclusion, has been
the subject of much dispute.
In the property insurance context, most courts
limit the exclusion to “environmental pollution”
as that terms is commonly understood.
32. – MULAI DARI SINI
Enforcement of ordinances or
decisions by a government
authority. The "ordinance or
law“ excusion precludes
coverage for losses related to
compliance with building
codes, for example, while the
"governmental authority"
exclusion precludes coverage
for seizure, condemnation, or
confiscation of property by a
government actor.
7.
Enforcement of any ordinance or law regulating the
costruction, repair or demolition of any Property
Insured hereunder except as provided for in the public
authorities memorandum incormorated in this Section
8.
Shrinkage, evaporation, loss of weight, change in
flaour, colour, texture or finish, action of light
9.
Change in temperature or humidity, failure or
inadequate operation of any air conditioning cooling
or heating system due to operating error. The burden
of proof that no operating error occurred, shall be
upon the Insured
10. Exposure to weather conditions where property is left
in the open or not contained in fuly enclosed buildings
33. FOR THE
– MULAI DARI SINI COST:
1. Of rectifying defective materials, faulty
workmanship or design
2. Of normal upkeep, normal making good,
maintenance
3. Arising from false or unautorised
programming, punching, labelling or
inserting, inadvertent cancelling of
information or discarding of data media
and from loss information caused by
magnetic fields.
The faulty workmanship and
faulty design exclusions are
commonly disputed in the
construction industry. Some
courts limit the faulty
Workmanship exclusion to
defects in the final product,
while others apply the exclusion
to all losses caused by
negligence during construction,
even those caused by third
parties
34. 1. SUM INSURED
The Sum Insured
shall not be less
than the cost of
reinstatement
2. BASIS OF LOSS
SETTLEMENT
The indemnification under this section shall be
the reinstatement or replacement of the property
loss destroyed or damaged.
• Rebuilding or replacemet of property loss or
destroyed to a condition equivalent to or
substantially the same as but not better or
more extensive than its condition when new.
• The insurer shall not be liable for the
difference between the actual cash value and
the reinstatement costs unless reinstatement
commences ad proceeds without
unreasonable delay
35. 3. First Loss
Insurance
4. Debris
Removal
Coverage of
additional cost
items in a
property policy.
e.g. debris
removal cost, for
which a full
Value cannot be
assessed. Avemga
does not apply.
5. Capital
Additions
Coverage for the
cost of removal of
debris of covered
property damage
by an insured
peril.
This coverage is
included in most
commercial
property
insurance pollcies
This Insurance extends to cover:
• Any newly acquired assets
• Alterations, additions, and
improvements of the Insured
assets during the current period
of lnsurance at any of the
Insured premises provided that
• Each location this Increase shall
not exceed 5%of Sl per Item
• To advise Insurers within 3 mils
of the particular of any such
capital addition and pay such
additional premiums as the
Insurers may require
36. 1. This policy does not cover any loss resulting from
interruption of or interference with the business
directly or indirectly attributable to:
i. Any resctiction on reconstruction or operation
impossed by any public authority
ii. The insured’s lack of sufficient capital for timely
restoration or replacement of property lost,
destroyed, or damaged
iii. Loss of business due to causes such as
suspension, lapse, or cancellatuon of a lease
licence or order etc. which occurs after the date
when the items lost destoyed or damaged are
again in operating condition and the business
could have resumed, if said lease license or order
etc had not lapsed or had not been suspended or
cancelled
2. This Policy does not cover the deductible stated in the
Schedule to be bome by the insured.
37. Reduction of Turnover
The sum produced by applying the Rate of Gross Profit to the amount by which the Turnover during
the Indemnity Period shall fall short of the Standard Turnover In consequence of the loss destruction
or damage
Increase on Cost Working
The additional expenditure necessarily and reasonably incurred for the sole purpose of avoiding or
diminishing the reduction In Turnover which but for that expenditure would have taken place during
the Indemnity Period In consequence of loss destruction or damage, but not exceeding the sum
produced by applying the Rate of Gross Profit to the amount of the reduction thereby avoided
38. Reduction of Turnover
Menurunnya omset perusahaan
Basis of Insurance: the policy will set out the basis upon which the business Interruption claim is
to be calculated.
Often this is limited to the 'loss of Gross Profit, due to the Reduction In Turnover.
However, there may be the option of presenting a claim on an output alternative or loss of
production Income basis.
The basis on which the claim is presented can impact slgnificanly upon the resources and skill
sets required for the calculation of the loss, as well as the amount of the loss.
Often the starting point of the calculation will be to look at the financial year immediately
before the date of damage In order to assess standard turnover or output.
40. Increase on Cost Working
Increase on cost working are incurred to:
Reduce the severity of the BI loss
Reduce the duration of te interruption
• The policy allows for additional costs to be incurred in order to prevent a
loss of Gross Profit arising, but not exceeding the amount that would be
payable If lhe latter did transpire. This Is known as the 'economic limit’.
• Overtime working by staff to avoid a loss of Turnover is a good example.
41. 1. GROSS PROFIT
2. UNINSURED
WORKING EXPENSES
Means the amount by
which:
1. The sum of the turnover
and the amount of the
Closing Stock shall
exceed
2. The sum of the amount
of the Opening stock and
the ninsured working
expenses
The variable expenses of the business which are not
insured by this policy:
a. Turnover and prchases taxes
b. Purchases (less discout received)
c. Carrlage, packing and freight
The fundamental rule is:
• The only expenses that should be listed as
uninsured are those that, in each insured’s own
unique cost structure, are so totally, directly
variable that they will always be saved in
proportion to any lost sales
• There should be no reduction of fixed cost, such as
production labour or fixed factory overheads.
42. 3. DIRECT OR INDIRECT COST
Direct cost include those cost which directly related to the cost of production of
goods for sale, and thereore represent a cost of Sale
Indirect cost, or overheads, include expenses such as administration, nonproduction
payroll, rent and insurance also referred to as “standing charges” or “continuing
costs”
43. Examples of Fixed Costs:
Examples of Variable Costs:
Office expenses such as supplies, utilities, a
telephone for the office, etc.
Materials used
Salaries and wages of office staff,
Direct labor
salespeople, officers and owners
Packaging
Payroll taxes and employee benefits
Advertising, promotional and other sales
expenses
Freight
Insurance
Auto expenses for salespeople
Professional fees
Rent.
Normal Depreciations/ Amortization
Plant supervisor salaries
Utilities for a plant or a warehouse
Machinery
44. 4. INDEMNITY
PERIOD
3. TURNOVER
The money (less discount
allowed) paid or payable to
the Insured for goods sold
and delivered and for
services rendered in the
courses of the business at
the Premises
This is the period for which
insurer will provide any
indemniy
It starts with the date of
damage and continues for as
long as the business is
affected by the damage, but
limited to the maximum
period states in the policy
Schedule
45. 5. ANNUAL
TURNOVER
6. STANDARD TURNOVER
(HISTORICAL STANDARD)
The sum derived by adjusting the
Turnover obtained in the
Business during the 12 months
immediately before the date of
the damage to provide for trends,
variations or other
circumstances:
a. Affecting the business either
before or after the damage or
b. Which would have affected
the business had the Damage
not occurred
The sum representing the
turnover during that period in the
12 months immediately before
the date of the Damage which
corresponds with the Indemnity
Period, to which adjustments are
made to provide for trends,
variation, or other circumstances:
a. Affecting the business either
before or after the damage or
b. Which would have affected the
business had the Damage not
occurred
46. HOW DO YOU CALCULATE THE REDUCTION IN TURNOVER?
The turnover during the period of Interruption is subtracted from the turnover achieved in the same period last year (the
Standard Turnover).
Particularry for manufacturing businesses, a reduction in turnover has a corresponding reduction in the cost of business e.g.
material costs, freight, packaging etc.
Therefore, the difference, or reduction In turnover is multiplied by the rate of gross profit.
The rate of gross profit is the procentage of the business turnover that was gross profit in the previous financial year.
The sum of the reduction In turnover and the rate of gross profit would give a straigh forward mathematical answer to the value
of the first part of the claim.
Unfortunately though, it is not quite that simple. The definitions of Standard Turnover and the rate of gross profit usually include
very broad adjustment clauses which allow trends and circumstances both before and after the property damage to be taken into
account
48. Increased Cost of Working - ICOW
Add. Increased cost of working -AICOW
ICOW This is additional expenditure reasonably and necessarily incurred by the insured for the sole
purpose of avoiding or diminishing the loss in turnover as a consequence of the damage subject to
economic limit
There may be an extension to the policy which provides an Indemnity or the costs Incurred by the insured
which are In excess of the limits provided under the policy or the increased cost of working. This Is known
as the additional increased cost of working.
A key issue in respect of daims Involving these elements is documentation of the decision making process
and costs, often omitted in the haste to get back to business.