Binding Authority Management - Searchlight Insurance Training

Binding Authority Management

This workshop will provide an analysis of the procedures and practices of delegated underwriting and claims authorities in relation to Binding Authority Management. It considers some potential problems that may arise and their solution.

The workshop is generic in nature and will apply to all classes of binding authority business.

It is suitable for staff from underwriting, broking and claims disciplines who are involved with the operation and management of binding authorities.

Level: Specialist

Duration: 1 day(s) CII CPD Hours: 6
     

WORKSHOP OBJECTIVES

•Understand how the basic legal principles of insurance contracts apply to Binding Authorities.

•Be aware of the roles of the parties involved

•Understand how the market is regulated in relation to Binding Authorities

•Understand how claims are managed

•Be aware of best practice issues

WORKSHOP CONTENT

The Advantages of Binding Authorities and Types of Binding Authority

Cover holder selection considerations

Modifications to basic principles; Utmost good faith and Disclosure

What can they tell us: premium and claims bordereaux

Claims Issues and management:
•Claim funds
•Loss adjusters and lawyers
•Use and regulation of third party administrators

Role and Responsibilities of the cover holder, the broker and the underwriter

Best Practice Procedures:
•Business Conduct Reviews
•Audit processes and issues (hot and cold inspection)
•Third Party administration