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Award in London Market Insurance (ALMI) LM1

Level:Introduction Duration:1 Day CII CPD Hours:6

This LM1 London market insurance training workshop provides an essential grounding in the operation of the London insurance market and is ideal for anyone starting out in the market.

This is a valuable standalone learning programme for those employed in support functions such as HR or finance, and can also serve as the first stage of a more in-depth learning pathway for those employed in a more technical role (see LM2).

  • Workshop content includes:
    • 1. Fundamental principles of insurance
      • Concept of risk and risk transfer
      • Risk Management
      • Components of risk
      • Categories of risk
      • Types of risk that can be insured
      • Pooling of risk
      • Peril and hazard
      • Reasons for buying insurance
      • Primary and secondary functions of insurance
      • Compulsory insurance
      • Insurance as a service industry
    • 2. Basic insurance legal principles and terminology
      • Contract law
      • Consideration
      • Insurable interest
      • Utmost Good Faith
      • Cancellation of insurance contracts
      • Proximate cause
      • Indemnity
      • Contribution
      • Subrogation
    • 3. Main classes of business written in the London Market
      • Marine insurance
      • Non-marine insurance
      • Aviation insurance
      • Reinsurance
    • 4. The insurance cycle
      • Supply and demand in the insurance market
      • Reasons why the insurance cycle might vary
    • 5. Structure of the London Market
      • Lloyd’s  
      • Company Market
      • Brokers
      • International aspects of the London Market
      • Market Associations
      • Flow of business in the London Market
    • 6. Legal and regulatory environment.

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    +44 (0) 1372 361177