Commercial Packages & Insurance – Principles & Cover - Searchlight Insurance Training

Commercial Packages & Insurance – Principles & Cover

This participative workshop provides an introduction to commercial package insurances.

Starting with the basic principles of insurance, it goes on to provide an overview of the cover provided under a typical commercial insurance package.

Underwriting considerations and information gathering is explored, in broad terms and features identified to recommend additional covers

The workshop is ideal for those new to package products or practitioners wishing to consolidate existing knowledge.

Level: Introduction

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

WORKSHOP OBJECTIVES

  • Outline the key principles of insurance
  • Describe the format of a typical insurance policy
  • Outline the policy cover of the major classes of commercial business
  • Outline typical exclusions and conditions associated with commercial package business
  • Describe the factors involved in assessing package risks
  • Identify situations where client’s may need additional insurance covers

WORKSHOP CONTENT

Principles of insurance

  • Utmost good faith
  • Insurable interest
  • Material Facts
  • Proximate cause
  • Indemnity/Subrogation/Contribution
  • Average

Policy structure

  • Operative clause
  • Exclusions
  • Warranties and conditions

Major covers overview – Property Damage, Business Interruption, Money, and Liability (EL, PL, Products)

Optional covers overview – Computers, Goods in Transit, Fidelity Guarantee and Legal Expenses

Main policy conditions/exclusions

Underwriting considerations and information requirements

Cross selling opportunities