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Broking in a Hard Market – Practical Tips and Hints for Key Classes

Level:Introduction Duration:Half Day CII CPD Hours:3hrs

Brokers are currently facing a ‘hard market’ when rates are increasing, cover is reducing, and capacity is more limited. Most brokers have never faced these market conditions and lack the practical experience of trading in a ‘seller’s market’. This course will provide brokers with some practical hints and strategies for broking in these difficult market conditions

  • After attending this workshop, delegates will be able to
    • Explain to their clients the causes and features of a hard market – helping to managing the client expectations
    • Understand some cover options that will help minimise insurance cost for their clients
    • Develop strategies for dealing with a hard market
  • Workshop contents includes:
    • Causes and features of the current hard market
    • General broking
      • Factors to consider when planning renewals
      • Avoiding being put under a broker review
      • Hints for winning new business
    • Innovation
      • Use of first loss limits to reduce cost
      • Consideration of alternative methods of insuring property to minimise costs
      • Identifying only necessary extensions – avoiding ‘shopping lists of clauses’
      • Deleting duplicated cover
      • Calculation of possible self-insurance savings
    • Practical exercises

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