WHY SPECIALIZED PROGRAMME ON RISK MANAGEMENT AND FIRE INSURANCE CLAIMS
Fire and allied perils are devastating for any business venture whether it is a manufacturing unit or service provider such as hospitals and hotels.
Most businesses realize at the time of claim that the claim amount is not payable because proper risk assessment has not been done at the time of taking the policy. Businesses fail to realize that risk cannot be managed only by taking insurance policy. It is their responsibility for maintaining the safe environment to conduct the business. The insurance policy will not cover the risks associated with organization if it fails to fulfill the conditions attached to policy.
This programme will give an opportunity to participants to interact with faculty, who have vast experience of dealing with businesses and claims worldwide. Participants will be able to learn about common mistakes that cause hardship to organizations.
Fire not only causes losses to organization’s assets and life but severely affects the goodwill and future growth of the organization. In many cases owner, promoter and directors face prosecutions as we have noticed in the case of fire in certain cinema halls/hospitals in the recent years.
WHO SHOULD ATTEND THE PROGRAMME?
This seminar is primarily practical in nature and is case study based to provide practical understanding of risks associated with fire and allied perils. The aim is to discuss and come out with solutions for difficulties faced during purchase of insurance policy, lodging and settlement of claims.
The programme is structured in such a way that it promotes interaction among managers of:
- Firms who purchase fire insurance polices
- General Insurance company involved in business development, selling, underwriting and managing fire insurance claims
- Insurance brokers who are most important insurance intermediary
- Surveyors who are an important link in processing/ settlement of insurance claims.
The expected participants would represent a mix of stakeholders as mentioned in the following table.
|Managers/ Risk Mangers handling purchase of insurance and lodging of claims from
|Managers /Executives of Insurance Brokerage Firms||10|
|Managers/ Executives of General Insurance/ Reinsurance Companies Companies involved in business devlopment, selling, underwriting and mangement of claims||10|
|Surveyors (members of Indian Institute of Insurance Surveyors and Loss Assessors)||20|
|Consulting firms providing risk management services, claims management services.||5|
|Academic-Faculty members/ students specialising in Insurance||10|
Please note that seats will be confirmed on first come basis and optimum mix of participants as mentioned above will result in fruitful absorption of information by all stakeholders.
WHAT YOU CAN EXPECT FROM THE PROGRAMME
This executive development programme on Risk Assessment and Fire insurance Claims will provide the participants with comprehensive, multifunctional perspective on how to assess risk, maintain processes for risk mitigation, comply with statutory procedures on containment of risk and management of claims.
Some key take aways for various stakeholders will be:
1. How to get a claim payment in 60 days – Insurance client
2. How to get your client’s claim settled in 60 days – Insurance Brokers
3. How to complete your assignment in 60 days – Insurance Surveyor
4. Managing your risk – cost effectively – Insurance client/ Managers of Insurance companies.
60 days to passing of an insurance claim is what we will focus on. Time is money, as the claims process gets extended the cost for all the stakeholders goes up. It results in financial and goodwill loss for all the stakeholders, who are involved.
Keynote address will be delivered by Mr R K Elango, President of Indian Institute of Insurance Surveyors & loss Assessors (IIISLA).
Indian Institute of Insurance Surveyors & Loss Assessors (IIISLA) is a self-regulating professional body for the independent Practicing insurance Surveyors in India promoted by IRDA as per the directive of Govt. Of India
TOPICS TO BE COVERED
- Risk assessment- its necessity.
- Valuation of insured property in relation to adequacy of insurance.
- Offer and acceptance of document, contract, basis of standard fire policy, perils, conditions, and exclusions.
- Negotiation of price/ policy terms with Insurance Company
- In-depth understanding about Industrial All Risk Insurance Policy, its contractual obligations and speciality.
- Processes and systems to protect your insurable interests.
- Sophisticated methods that provide the tool to study the cause of loss conclusively.
- Accident has occurred- what next?
- Fire claims with case studies pertaining to fire perils
- Flood claims and timely action to minimize the loss
- Special perils, the cause, exclusions, and the assessment.
- Importance of survey/ interaction with insurance company.
- Implications of salvage in settlement of claims.
- Accounting/ Taxation implications of insurance claims.
There will be an open house panel discussion on 1st and 2nd day where the queries of the delegates on fire insurance subject will be clarified. All sessions are to be handled by eminent faculty members drawn from the profession and industry.
Delegate fee for the training programme is Rs.6500/-
Ms. Shveta Kaushal
Programme Coordinator, Insurance Foundation of India Om Plaza, 430/7, 1st Floor, Sant Nagar, East of Kailash, New Delhi – 110065