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® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 Are you sure you are insured? A discussion with Paul May LLB (Hons), MBA, FCII, FCILA, FCLA, DipAIS, ADipC, MCIArb, FIRM, MAE, AIC, FUEDI-ELAE, FCMI, FinstD, FIFAA, Chairman, Concordia Consultancy Ltd Arranged by Amana Takaful Insurance Galadari Hotel, Colombo, Sri Lanka 24 th November, 2015 www.concordiaconsultancy.com Operating from: London – New York – Colombo – Singapore – Beijing – Cyprus – Barcelona – Antigua – Sydney – Miami – Stockholm 1

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Page 1: ® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 Are you sure you are insured? A discussion with Paul May LLB (Hons), MBA,

®Are you sure you are insured?A discussion with Paul May24th November, 2015

Are you sure you are insured?A discussion with Paul May

LLB (Hons), MBA, FCII, FCILA, FCLA, DipAIS, ADipC, MCIArb, FIRM, MAE, AIC, FUEDI-ELAE, FCMI, FinstD, FIFAA,

Chairman, Concordia Consultancy Ltd 

Arranged by Amana Takaful Insurance Galadari Hotel, Colombo, Sri Lanka

 24th November, 2015

 www.concordiaconsultancy.com Operating from: London – New York –  Colombo –  Singapore – Beijing  – Cyprus – Barcelona – Antigua  – Sydney  – Miami – Stockholm

1

http://www.concordiaconsultancy.com/
Page 2: ® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 Are you sure you are insured? A discussion with Paul May LLB (Hons), MBA,

®Are you sure you are insured?A discussion with Paul May24th November, 2015

INSURANCE IS AN ASYMMETRIC CONTRACT

2

Asymmetric :Not balanced

Not regularly arranged on opposite sides

irregular · lopsided · unequal · unbalanced

Lacking equality, balance, or harmony

Page 3: ® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 Are you sure you are insured? A discussion with Paul May LLB (Hons), MBA,

®Are you sure you are insured?A discussion with Paul May24th November, 2015

ARRANGING AND MAINTAINING THE INSURANCE

Identifying the risks and exposures

Deciding who is exposed

Selecting the cover

Choosing the insurer

Completing the proposal form

Underwriting the risk

Implementing protections

Advising of changes to risk and circumstances

3

Page 4: ® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 Are you sure you are insured? A discussion with Paul May LLB (Hons), MBA,

®Are you sure you are insured?A discussion with Paul May24th November, 2015

PROPOSAL PROCESS AND FORM

4

Business_Combined_Long_Proposal_Form_CMB.pdf

Page 5: ® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 Are you sure you are insured? A discussion with Paul May LLB (Hons), MBA,

Are you sure you are insured?A discussion with Paul May24th November, 2015

®

DISCLOSURE OF MATERIAL FACTS TO THE INSURER

5

What are material facts?

“When we use the term ‘material facts’, we mean any information that could affect our decision to give you insurance or affect the terms we give you.

If you are not sure whether something is a material fact, please tell us anyway.”

Page 6: ® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 Are you sure you are insured? A discussion with Paul May LLB (Hons), MBA,

®Are you sure you are insured?A discussion with Paul May24th November, 2015

INFORMATION PROVIDED TO INSURERS

Process of transfer and sharing of information

Proposal form

Clarifications in writing

Photos and video

Business continuity and recovery

Key personnel

Contractual and physical protections

6

Page 7: ® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 Are you sure you are insured? A discussion with Paul May LLB (Hons), MBA,

®Are you sure you are insured?A discussion with Paul May24th November, 2015

OBLIGATIONS UNDER THE POLICY - POLICYHOLDER

TO “ACT AS IF UNINSURED” AND COMPLY WITH MANY SPECIFIC AND IMPLIED CONDITIONS :

Alarm & Security

Waste

Hot Works

No Smoking

Insure for adequate values to replace

Disclosure

7

Page 8: ® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 Are you sure you are insured? A discussion with Paul May LLB (Hons), MBA,

Are you sure you are insured?A discussion with Paul May24th November, 2015

OBLIGATIONS UNDER THE POLICY - INSURER

TO INDEMNIFY POLICYHOLDER

ALSO SHOULD :

CONTRIBUTE TO RISK ASSESSMENT AND MITIGATION

PROVIDE EXPERTISE TO RECOVER FROM A LOSS

SUPPORT WITH CASH PAYMENTS ON ACCOUNT

ASSIST IN RECOVERING UNINSURED LOSS

GIVE CONFIDENCE TO BANKS AND INVESTORS

IMPLEMENT POST-LOSS IMPROVEMENTS

8

Page 9: ® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 Are you sure you are insured? A discussion with Paul May LLB (Hons), MBA,

®Are you sure you are insured?A discussion with Paul May24th November, 2015

QUESTIONS ???

9

Page 10: ® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 Are you sure you are insured? A discussion with Paul May LLB (Hons), MBA,

®Are you sure you are insured?A discussion with Paul May24th November, 2015

Are you sure you are insured?A discussion with Paul May

LLB (Hons), MBA, FCII, FCILA, FCLA, DipAIS, ADipC, MCIArb, FIRM, MAE, AIC, FUEDI-ELAE, FCMI, FinstD, FIFAA,

Chairman, Concordia Consultancy Ltd 

Arranged by Amana Takaful Insurance Galadari Hotel, Colombo, Sri Lanka

 24th November, 2015

 www.concordiaconsultancy.com Operating from: London – New York –  Colombo –  Singapore – Beijing  – Cyprus – Barcelona – Antigua  – Sydney  – Miami – Stockholm

10

http://www.concordiaconsultancy.com/

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