InsurView’s Post

Have you ever wondered what the timeline is for an insurance company to initiate the procedure for a claim in any general insurance policy? Before that, let us first understand what a general insurance policy is. General insurance covers non-life assets like your home, vehicle, health, and travel. You get compensation for damages or losses incurred due to flood, fire, theft, accidents, or man-made disasters. General insurance policies are a part of commercial contracts, also commonly known as commercial general insurance claims between parties, when any liability arises against any business entity due to someone else’s act. The procedure and timeline are regulated under Regulation 15 of the Insurance Regulatory and Development Authority of India (Protection of Policyholders' Interests) Regulations, 2017. ·      If any loss arises, such loss should be communicated to the insurer as soon as possible or per the contract. ·      Within 72 hours of intimation of loss, a surveyor should be appointed to assess the loss claimed if required in specific cases. ·      Details of the surveyor's appointment should be communicated to the claimant. ·      Within 7 days of claim intimation, the surveyor/insurer shall inform the claimant of all the required documents for the claim procedure ·      Surveys should be conducted immediately within 48 hours of the appointment of the surveyor. ·      The surveyor shall forward the interim report of loss recorded to the insurer within 15 days of the survey he conducted and a copy to the claimant. ·      The parties shall be informed in writing of any delay on any part. ·      If there is no delay due to pending information from the insurer to the surveyor, then the surveyor may submit the final report within 30 days of the appointment. ·      If the claim is a commercial and large risk, then the surveyor may take 90 days from the appointment to file the final report of the loss claimed. ·      If the case is special, the conveyor may request an extension. ·      The insurer has 15 days from receipt of the final survey report to ask for additional documents or say the report is incomplete from the surveyor or claimant. Such a right for additional document requirements can be exercised only once. ·      Surveyor has an additional 3 weeks to furnish additional documents if required by the insurer. ·      The claim must be accepted or rejected within 30 days of receipt of the surveyor's final report/additional survey report. Reasons for rejection might be noted down in writing. ·      If the insurer accepts the partial amount, such a step should be backed by reasons in writing.   ·      If the claim is not settled within 30 days, as mentioned above, then the claimant can claim interest 2% above the bank rates till the payment date.

𝐑𝐞𝐧𝐞𝐰𝐢𝐧𝐠 𝐠𝐞𝐧𝐞𝐫𝐚𝐥 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐩𝐨𝐥𝐢𝐜𝐢𝐞𝐬 - 𝐜𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬 With the 30 June renewal season approaching it's timely to remind ourselves about obligations in respect of renewing insurance policies. Section 58, Insurance Contracts Act automatically extends general insurance cover if an insurer (or underwriting agency) fails to notify the insured (or their insurance broker) of the expiration of cover. S58 applies to 'renewable insurance cover', generally this applies to motor, property & liability classes. There are 2 requirements for renewable insurance cover: 1. cover that is provided for a particular period of time; & 2. is of a kind that it is usual to renew or for the renewal of which it is usual to negotiate. The insurer must provide notice 14 days before the day on which renewable insurance cover expires. This notice may be provided to an insurance broker, as agent of the insured. The notice must be in writing & inform the person the day & time at which cover will expire & whether the insurer is prepared to negotiate to renew or extend the cover. 𝙁𝙖𝙞𝙡𝙪𝙧𝙚 𝙩𝙤 𝙥𝙧𝙤𝙫𝙞𝙙𝙚 𝙩𝙝𝙚 𝙣𝙤𝙩𝙞𝙘𝙚 Failire to provide the notice, creates a Statutory policy where before the original contract expired, replacement cover had not been obtained. The Statutory policy stays in force until: - the expiry of the Statutory policy based on the same period as the original policy; or - when the insured obtains from the original insurer or some other insurer replacement cover, whichever is the earlier. No premium is paid for the Statutory policy unless a claim is made under that policy. The insurer may cancel the Stautory policy at any time. (s60(4)). 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚 Insurers, underwriting agencies & their representatives must ensure that their process for renewals meets the requirements of s58 especially where the insurer intends to decline to renew the original policy or vary the terms & conditions including the premium. 𝙂𝙄 𝘾𝙤𝙙𝙚 𝙤𝙛 𝙋𝙧𝙖𝙘𝙩𝙞𝙘𝙚 In respect of insurance cover that automatically renews, at each renewal the insurer must (para 49): - remind the customer about the auto renewal process; - remind the customer they can opt-out of that process; & - tell the customer to check their sum insured & whether it is still appropriate. 𝙄𝙣𝙨𝙪𝙧𝙖𝙣𝙘𝙚 𝙗𝙧𝙤𝙠𝙚𝙧𝙨 𝘾𝙤𝙙𝙚 The Insurance Brokers Code of Practice (7.2) requires the broker to contact the client well before & at least 14 days prior to expiry, to engage the client on the next steps to be taken prior to the expiry of the policy. The Code also requires the broker to take appropriate, professional & timely steps to seek insurance cover terms & conditions & advise clients of available options (if any) for their consideration. Insurance brokers must ensure that their Authorised reps comply with the Code including 7.2 (section 8.0).

Health insurance, renters insurance, car insurance, mortgage insurance, homeowners insurance.......... The list of types of insurance coverage goes on, and on, and on, and I'm willing to bet most of us cringe when we hear the word "underwriting", which is often viewed as the big, bad monster in the room. That, or you gasp in horror when you look at the cost of your monthly premium. For some of us, that could mean there's some level of likelihood that there is something in our risk profile driving our rate, whether that's age, geographic location, potential medical history, driving record, or a whole host of other various factors. Given my own work in risk management and as a resident of Baltimore, I've been closely following outcomes and developments unfold following the collapse of the Key Bridge, and I guess you could say curiosity got the best of me, and so I decided to poke around a bit in an effort to try and educate myself on the basics of maritime insurance. I quickly realized that maritime insurance is a different beast, and generally functions very differently than on land. Large vessels can take out insurance policies from independent insurance brokers, though that can be expensive. Instead, most ships work alongside a protection and indemnity club, which serves as a group of vessels that form a mutual assurance organization to provide insurance for larger claims. Currently, there are twelve leading clubs in the world, which have formed an international group to pool resources for high-value claims. Right now, there is $2.1 billion available to support claims within this international group. However, this insurance would only be triggered if the ship cannot limit its liability to the value of the vessel, which will be one of the initial claims reviewed in court. In order to have a ruling in that case, the court will need to determine why the collision occurred. If the court determines that the ship's owner knew of problems aboard the ship, liability won't be limited. According to Allen Black, a maritime attorney at Mills Black, LLP, if findings determine that equipment simply failed unexpectedly, despite maintenance being up to date or if some ship's officer simply made an error, then that wouldn't be attributable to the owner, and theoretically, limitation would be authorized. #riskmanagement #investigation #maryland

Diary of a Railway Insurance Broker So what do I do all day? What does a railway insurance broker do? I doubt any of you have wondered, its not the most exciting subject is it. Well here goes, I will try and help you understand what I and the Jobson James Rail team do and maybe it might persuade one of you to try us. This week: We completed 3 weeks of analysis on my largest clients motor fleet renewal, annual premium £880,000 plus tax. We looked at lots of different options, fully COMP, COMP with £50k excess on their HGVs, TPO and what their own AD/Theft costs were likely to be. Client happy they had all the info to make an informed choice. We tendered to market also but current insurer retained the account. Gave contractual advice on £340m of brand new EMUs stored in a military storage facility and priced up Rolling Stock Accidental cover to help the client with their contractual negotiation on storage rates. Rewrote my P&L budget for RIN Events for the next 12 months after a super successful RIN London. Cost going up fast but so is footfall and exhibitor booking so we are staying in the black. Helping a rolling stock client rationalise their insurance programme as its currently a jumble of renewal dates and cover so hard to manage. We will end up with one renewal date, quarterly mtgs, cover and costs all spreadsheeted so very easy to track and they can get back to focusing on their business. Visited one of our railway product manufacturer clients this week in Burton, fantastic business doing well, conducted a full factory tour and now the team will be writing a risk management audit report on their safety systems to ensure that insurers quote competitively for them. We identified 8 key risk improvement recommendation measures to be adopted by the factory management including changes to PPE controls, signage, COSHH management, communication of RAMS and others. A Tier 1 NR PCL client of ours has won a large civils contract, we went through the contractual liability aspects of the contract wdg, looked at how the liability, indemnity and insurance clauses were worded, compared it to their current cover, identified what needed to change in their insurance programme and costed that for them for that for their contract P&L. We also progressed 4 applications for cover from start up railway companies, a S&T design/survey business, a small OLE contracting co which will do dilap surveys, an R&D railway software co and a good friend who is setting up a labour supply business on the side of his day job. We will write a detailed risk presentation for each one, our clients do not have to fill in any forms, we do all the work for them. And the boring stuff, we did another few hundred RIN Follower requests this week as we do every week as we are trying to build the RIN Event followers on Linked In to spread the word. In a few weeks RIN should hit 4,000 followers so comfortably more than any other rail infrastructure trade show in the UK. A busy week!

🗣️ Informative - Insurance Council of Australia General Insurance (GI) Code of Practice Review Initial Report - September 2024. The independent panel reviewing of the Insurance Council of Australia (ICA) GI Code of Practice (Code) has released its initial report with recommendations for amendments to the Code. The Review Panel received 23 submissions inclusive of AiBEC’s below 👇 https://lnkd.in/g5FGnKCy With respect to Experts, the Review provided the following information and recommendations (extracted): 4.4.7 External experts and reports Paragraphs 74 and 75 of the 2020 Code address the use of external experts. The main issues raised include ambiguities and incorrect interpretations in expert reports, as well as inconsistent formats. To address concerns, The Review Panel welcomes the ICA Standard of Expert Reporting Best Practice and agrees that compliance with it should be mandated in the Code. Recommendations: 75. The Code should state the purpose of the appointment of experts, being to provide independent, detailed, and professional assessments of the cause and extent of damage and loss. 76. The Code should require insurers to ensure the expertise, professionalism and independence of experts appointed by them and apply the other provisions recommended in relation to service providers as outlined above. 77. The Code should set out minimum standards for experts: • Expert reports should include clear facts and evidence in plain English to support expert opinions; • Expert reports should be clear regarding when the cause or extent of loss is not able to be definitively determined; • When expert opinions address 'wear and tear' exemptions and 'reasonable maintenance' requirements, they should clearly explain how the consumer's failure to maintain the property significantly contributed to the resulting loss or damage; • Expert reports should be in a standardised format to improve consumer accessibility and understanding; and • Insurers should ensure experts respectfully and constructively engage with consumers when collecting information for their assessments. 78. The Code should mandate compliance with ICA Standard 'Use of Expert Reports: Industry Best Practice Standard'. AiBEC as a professional Association under its own volition is developing, engaging and collectively supporting betterment, transparency and training for its members and allied supporters to achieve the objectives of improvement in expert reporting services. AiBEC in collaboration with the ICA is facilitating an informative webinar presented by ICA’s Alexandra Hordern on the Use of Expert Reports: Industry Best Practice Standard. session/webinar scheduled for 19th September 2024 - 3pm. Register for this webinar 👇 https://lnkd.in/gytqMhTX   AIBEC Experts are Qualified Experts! https://aibec.co/ #insuranceindustry #insuranceclaims

The BCCG Panel on Body Corporate Insurance: A Changing Landscape was held last Thursday. Here are our key takeaways from our Senior Body Corporate Manager, Wendy Baker, who was a panel member. Point 1 New Zealand has two insurance markets – Wellington and the rest of New Zealand – The Wellington market is more challenging for various reasons but there is still some competition in the market for the rest of New Zealand Point 2 Premium prices are currently softening worldwide, and we hope to see this happening in New Zealand in the coming year. This would be a much-needed respite from the spiraling costs over the past few years. Point 3 Use a unit title-centric insurance broker and valuer for your complex. This will ensure you get the right level of coverage for your complex. Point 4 Office Bearers Liability Insurance (OBL) is vital coverage for any committee or Body Corporate entity. This provides cover for decisions made on behalf of your body corporate or society with cover increasing if there are issues present in your building.   Committees have the delegated authority to make decisions on behalf of your complex but these decisions must be made in compliance with the Unit Titles Act, the Body Corporate Rules, and in accordance with resolutions made at your general meetings. If you have any questions about this complex and changing space of Body Corporate Insurance please do not hesitate to reach out to your body corporate manager who will be able to assist in conjunction with your Insurance Broker.

Guillaume Bonnissent’s Insurance IT Diary Episode 12: Megamarket I’ve been interested in reports that more major international insurers are interested in setting up a stall in the Lloyd’s insurance market. Most recently we hear that Santam Insurance, South Africa’s leading insurer, is in discussions with Lloyd's about a market entry, along with national champions Allianz (Germany), Generali (Italy), Sompo (Japan), and IAG (Australia), and others. It’s a marvellous ambition for Lloyd’s to become a marketplace where all the world’s major international carriers synergise to tackle risk issues that demand collaboration, and work side by side to provide coverage for the most complex multinational risks, those that require syndication. Alongside that, already it’s where many smaller underwriting units and MGAs thrive, others get their start, and the most promising insurance technologies are incubated (in the wonderful Lloyd's Lab). For a marketplace with a 325-year history, this evolution is a logical follow-on development after the painful introduction of corporate underwriting members and insurance capital in the mid-1990s. Looking back from the 2090s, I expect it will look like that was the plan all along. Lloyd’s may have become the obvious place for international carriers to serve their multinational clients better, develop international risk portfolios, and stay at the very front of developments in insurance, but it’s not yet the exemplar of efficiency. I don’t want to bang the same old drum, but a world-class market needs world-class technology, or its clients will pay too much. Happily, the market’s approach to technology is also evolving. I’m pleased to see the former central focus on market-wide initiatives has been eased, and is now matched by broad recognition of the value of third-party technology initiatives. The Corporation of Lloyd’s is now much more receptive to hearing from, working with, and recognising the value of third-party ventures in the technology arena. A competitive market for insurance technology solutions is a healthy market. Even where multiple corporations cooperate to insure the largest risks and foster development of new ideas, it's essential that suppliers compete to ensure digital services are not only constantly improving and therefore the best possible. Competition will also ensure they are differentiated. Market members need to be able to choose the exposure management platform, payments system, underwriting workbench, or whatever that best suits their business, the types of risks they underwrite, and of course their clients’ needs. We at Quotech are proud to be part of the Lloyd’s universe of suppliers. I'm personally really excited to see that even more of the big hitters from around the world are now wanting to get involved. Let’s not let them down with antiquated IT!

This week in his Inurance Technology Digest, underwriter-turned software man Guillaume Bonnissent, Quotech's founder, muses on Lloyd's role as a playground for the world's largest insurers, and its evolving approach to technology. #insurance #reinsurance #mgas #insurancebroking #lloydsoflondon #data #insurtech #insurancetechnology #underwriting #exposuremanagement

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Rethinking Insurance: A Recent Client Story   Insurance is regularly seen as just a safety net for when things go wrong, often it's seen as an extravagant business expense and an annual hassle. More often than it should, it lets people down when they most need it.   But sometimes, it’s worth looking at it from a different angle to truly support a business's growth and stability. Insurance isn't black and white, and your existing programme won't be the only way to write your business. That's why it's so valuable working with a specialist, we can apply your insurance based on understanding your business from a different perspective.   Recently, I had the pleasure of working with a complex client who was looking to lower their premium but faced challenges due to outstanding claims and reserves. With limited market options and the risk of rising rates, it was a tough situation.   Instead of accepting the usual outcome, accepting the standard rate rises, and processing a simple renewal, I had in-depth discussions with the underwriter and used my network to advocate for the client. Here’s what we achieved:   ✅ Retention of Last Year’s Rates: Despite the difficulties, we managed to keep last year’s rates instead of the assumed rating increases, while also maintaining the same level of cover – which equated to up to £3,000 of annual saving.   ✅Claims Rebates: We secured a low claims rebate and a retroactive rebate for claims reserves, so the client wouldn’t be penalised for large reserves on unresolved claims. These have been backdated and will continue to be applied to the policy after this years renewal, offering the potential of further savings while maintaining insurers confidence in the improving nature of the risk.   ✅Future Premium Reduction Commitment: We have obtained a commitment to reduce future premiums based on ongoing improvements in the insurance programme and a focus on managing and reducing claims, without reducing cover and leaving the client unnecessarily exposed.   This experience shows how insurance underwriting should work—finding practical solutions that benefit everyone involved. By approaching the situation with creativity and persistence, we addressed the client’s immediate needs and set the stage for future cost savings and business resilience.   Insurance can be a powerful tool when approached with a focus on real-world solutions. If you’re facing challenges with your insurance, or want a fresh perspective, let’s explore how we can rethink your strategy to support your business and secure future benefits. Find a broker that loves what they do, and you’ll benefit from endless curiosity about the possibilities when placing your risks. Here is a family of Swans on my trip to Nottingham this week. It's been lovely walking between appointments ☀   #Insurance #ClientSuccess #RiskManagement #BusinessResilience #ClaimsManagement #BusinessGrowth #InsuranceAdvice #InsuranceBroker #Underwriting #RiskMitigation