TECHNICAL FIRE INSURANCE UNDERWRITING WORKSHOP

FIRE INSURANCE UNDERWRITING WORKSHOP


COURSE BENEFIT

 Technical enhancement of the subject
 More competent and confident in handling fire insurance queries
 Improved job perfomance

COURSE CONTENTS
Session 1
An overview of the 17 Sections of the Revised Fire Tariff (RFT)

Session 2
Comparisons of Coverage between

o Fire and Fire Consequential Loss (FCL) Insurance
o Fire/FCL and Industrial All Risks (IAR)
o Fire and Houseowners/Householders (HO/HH) Insurance
o Fire and BICC
o Fire and Insurance of Growing Trees

Group Discussion: Identifying the key words of policies

Session 3
Extraneous/Special Perils allowed under the respective policies

o Additional rates, extensions and limitations

Case Study: Recommendations based on the risk exposure “Needs” not the Client’s “Wants”

Session 4
RFT Approved Clauses: Purpose and Use and segregated into

o Clauses applicable to buildings only
o Clause applicable to plant and machineries only
o Clauses applicable to stocks only
o Clauses applicable across the board
o Know the premium and non premium clauses

Case Study: The many hidden benefits of Clauses in a fire claim scenario

Session 5
Mandatory and Non Mandatory warranties: 2 fold objectives

o Are used by Insurer as a risk management tool to ensure Insured’s compliance with safety standards
o Can be used by Insurer for some competitive advantage during quotation exercise
Session 6
The 3 Tiers of Rating under the RFT

o Standard Tariff Rate (TSI less than RM10 million)
o Self-Rating (RM10mil-RM30 million)
o Special Rating (RM30 million and above)

Case Study: Rating and Premium Computation for selected risk with various extensions


Session 7
Fire Insurance Risk Assessment

o Understanding the risk in detail to ascertain if quality of risk warrants acceptance
o Sourcing for the risk information through the various risk identification tools (proposal form, survey   report, photographs of risk, annual financial report, flow chart etc)
o For sub-standard features requiring some improvement, what can be done to enhance acceptance

Presentation by group on the findings from the Fire survey report and photographs of risk selected

Session 8
Making sound Underwriting Decision based on risk assessment information obtained

o Use the weight factors (good features versus poor features)
o Justify and record your decision with facts
o Further underwriting terms and conditions deemed fit

Presentation by group on the decision made


Session 9
Fixing of Retention based on the Insurer’s Treaty Arrangement


Session 10
Writing out a Fire Insurance Quotation

o Description of Insured’s details and properties to be insured
o Scope of Cover and Extensions
o Basis of Sum Insured (Reinstatement, Market value, Agreed value, etc)
o Rating applicable based on the nature of trade/construction classification of building to be insured
o Incorporation of Clauses to meet the business needs of customers
o Highlights of warranties and major exclusions
o Writing a Covering Letter together with quotation and attachment

Group Work on this Quotation Exercise for selected risks


Session 11
15 Options for Insurer to compete competitively for fire class of business guided by the rules and regulations of the RFT


Session 12
Presentation of Insurance Program to Customer

o First impression counts
o Introduction & Opening
o Body language
o Use of training aids
o Speech & choice of words
o Closing your presentation with impact

Workshop:  Participants to give a formal presentation of the insurance program and further dialogue and Q&A with Trainer to check for their understanding of the subject


COURSE DURATION

3 Days (9.00am to 5.00pm) with tea breaks and lunch in between


FOR WHOM

Staff of Insurance company involved in Fire Underwriting

FOR FURTHER ENQUERIES:

Email to: enquiry@csh.com.my