is there more to risk management than prayer?. david ellison acii insurance account executive...
TRANSCRIPT
Is there more to
RISK MANAGEMENT
than
PRAYER?
David Ellison ACIIInsurance Account Executive
Kingdom Bank
• Role of the Risk Manager
• Tools for the Risk Manager
• Risk takers for the Kingdom
Role of the Risk Manager
• To identify and manage the exposure to risk
• Risk averse or Risk taker?
• Holistic risks
Role of the Risk Manager
• Evaluation of Risk
• What is the Likelihood?
• What is the anticipated Severity?
EvaluationLi
kelih
ood
Severity
Tools of the Risk Manager
• Prayer• Insurance• Risk Assessments• Legislation• Leaders and Trustees• Internet
Tools - Insurance
• Wasted premiums!• Effects of under-insurance• Unoccupied premises• Limits of indemnity• Non disclosure
Insurance
Wasted premiums?
• Review of All Risks schedule
• Compliance with policy conditions
Insurance
Under insurance
What is the estimated rebuild of this church?
Insurance
£ 100,000£ 500,000£ 800,000£1,300,000£1,800,000
What is the estimated rebuild of this church?
Insurance
£ 100,000£ 500,000£ 800,000£1,300,000 £1,800,000
What is the estimated rebuild of this church?
Insurance
Rebuild£1.3M
Sum Insured£800,000
69%
31%SELF
INSURED
Insurance
Claim£50,000
£500 excess
Insurer£34,115 £15,885
SELF INSURED
Insurance
Unoccupied propertiesNot attractive to insurers!
Tell a good story
Restricted cover (FLEA)High cost
Policy conditions
Insurance
Limits of indemnity
How long is a piece of string?
Employers LiabilityPublic LiabilityProfessional IndemnityTrustees Indemnity
Insurance
Non disclosure
A Material Fact has been defined as “any fact that may influence the judgement of a prudent insurer in deciding whether to accept a risk and if so, on what terms and conditions and at what premium level.”
Inception Mid Term Renewal
Fireworks
Tools – Risk Assessments
Consider “harmed” as not just injuryEg financial losses to the church
Tools – Legislation
• Guidance
Tools – Internet
• Health & Safety Executive
• Insurers– Ansvar Insurance– Baptist Insurance– Congregational & General (www.spow.co.uk)– Ecclesiastical Insurance– Methodist Insurance
Risk Takers
“……. I hope that we will be adventurous, take more risks and above all, be Kingdom possibility thinkers!”
Rev Lynn GreenGeneral Secretary, BUGB
Is there more to
RISK MANAGEMENT
than
PRAYER?