Property Insurance Management

Learning Contents

1.  Review of contemporary insurance principles such as Indemnity, Subrogation, Contribution and Proximate cause

• Review of contemporary insurance practice such as physical and moral hazard, and average

2. Policy contents, coverage, extensions, exclusions, etc. of various types of property insurance

• Fire and additional perils
• Business interruption
• Definition of Gross Profit and Standing Charges
• Theft including Burglary and Robbery
• Money
• Glass
• Engineering (machinery) including electronic equipment, computer insurance
• Construction and erection including Contractors’ All Risk Insurance
• Combined and package policies, pecuniary cover including fidelity guarantee, bonds, domestic insurance, motor own damage, etc.
• Property All Risk Insurance

3. Risk Management and assessment

• Sources of information for risk assessment including fire
• fighting and protection
• Inception and propagation risks
• Estimated maximum loss, maximum probable/possible loss
• and normal loss expectancy
• Risk inspection (survey)
• Physical and moral hazards on fire, theft and other risks
• Risk management and improvement

4. Underwriting guidelines, quotation

• Importance and principles of sound underwriting
• Concept of accumulation and spreading of risks
• Particular featuresand factors for underwriting
• considerations and rating of various types of property
• insurance
• Underwriting techniques in handling standard, sub-standard
• and above-standard risks
• Effects of inflation and use of an inflation clause
• Declaration and first loss policies
• Use of reinsurance

5. Complex claims practice

• Procedures of processing property complex claims
• Policy conditions and wordings relating to claims
• Claims form and other claims documents
• Claims statistics and reserves
• Fraudulent claims such as Arson
• Claims specialists such as Loss Adjusters, Investigators, Valuers