The number of high-profile insurance disputes in the aftermath of COVID-19 has highlighted several longstanding and fundamental issues that affect many businesses.

The wording of complex insurance policies can be ambiguous and difficult to interpret, and many business managers do not fully understand what their insurance coverage extends to. Their understanding of what is covered can differ significantly from that of their insurer; the implications of not being adequately covered can be extremely damaging; and differences in how they manage the process of making a claim, if they ever need to, can lead to significantly different outcomes.

Mark Tetley, Prospect Law’s Senior Insurance and Risk Consultant, provides a series of practical courses that are designed to help non-insurance specialists understand risk more effectively and economically and achieve better outcomes when buying business insurance.

We are currently scheduling courses to run in the autumn 2022.

Please contact Ben Robinson, if you would like more details or are interested in discussing options for a bespoke or in-house training course.

Courses:

• Practical guidance for insurance buyers, parts 1 & 2
  • Part 1: How the insurance market works – a buyer’s primer
  • Part 2: Optimal management of the claims process
• Basic risk management and insurance

Practical guidance for insurance buyers, Part 1:

How the insurance market works – a buyer’s primer

Insurance can be complex which means most organisations use brokers and advisors. As helpful as that can be, intermediaries are often remunerated per transaction and consequently may not be so interested in removing all ambiguities concerning what policies do and do not cover. The way the insurance market works can seem confusing and ensuring optimal service is received from all players is not guaranteed.

This three-hour course is designed to help non-insurance specialists achieve better outcomes in terms of business and commercial insurance. It provides a clear understanding of the “rules of the game” and the objectives of the different “players”. It enables delegates to identify key considerations, different approaches, the questions they need to ask and key points to review in order to be confident that they, or their brokers, are obtaining the level of insurance coverage that is most appropriate for the requirements of their business.

The course covers the following topics:

• Understanding the claims process
• The intermediary role – theory and reality
• Loss adjustors and advisors
• Deductibles, excesses, risk sharing and franchises
• What is covered and policy interpretation
• Remedies

Basic risk management and insurance

Buying insurance, whether for a car or for a corporation, can be a frustrating and uncertain process. Will it cover what I need? Who can really help me understand the process and the product? Do I need to understand all the insurance jargon? Is the broker on my side?

This course is intended to provide buyers of insurance with a primer on the operation of the insurance market and how the development of a better understanding of the insurance world can help achieve optimal risk outcomes.

The course covers the following topics:

• Risk and the need for insurance: not everything is insurable
• How the insurance market works: a basic understanding
• The insurance buying process: who’s who, what do they do and how do they get paid
• The language of insurance: key concepts and understanding what the insurer wants
• Will a policy cover what it is expected to: business activities, loss scenarios, what is excluded
• The claims process:
  • Key factors to help maximise a covered loss
  • Who’s who, what do they do and how do they get paid
  • Sharing the pain
  • Remedies
  • What impact will my claim have on my future premium?
    • Alternatives to insurance
    • Risk management: mitigating risk and exposure to reduce the need to buy insurance

How are the courses delivered?

The courses will be delivered online, but can also be provided via classroom delivery for individual organisations. If you would like to discuss the possibility of arranging an in-house or customised course, please contact Ben Robinson.

Prospect is a multi-disciplinary practice with specialist expertise in the energy and environmental sectors with particular experience in the low carbon energy sector. The firm is made up of lawyers, engineers, insurance and risk management specialists, and finance experts.

This article remains the copyright property of Prospect Law Ltd and neither the article nor any part of it may be published or copied without the prior written permission of the directors of Prospect Law.

This article is not intended to constitute legal or other professional advice and it should not be relied on in any way.