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    An underwriting of the interruption risk peculiar to consequential loss insurance is important. the insurance wish to ascertain the full extent of possible interruption to the business in order to give the best possible service to the insured and at the same time to ensure that their own interests are protected. the extent to which [&hellip...
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  • Litigation Under Consumer Protection Act – Causes and Remedies

    1. THE EXCLUSION CLAUSE, CONDITIONS AND WARRATIES CONTAINED IN THE INSURANCE POLICY ISSUED AFTER THE OCCURRENCE OF LOSS IS NOT ENFORCEABLE AGAINST THE INSURED 1.1. M/s _________________ Vs. ___________________ CPJ 1 (Supreme Court) In this case, the Insurance Company supplied only the Cover Note and the Schedule of the Policy to the insure. The other [&hellip...
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  • Fraud, Abuse and Leakages – Food for Thought

    Fraud is described as an intentional act of deceiving, concealing, or misrepresenting information that results in payment of unauthorized benefits to an individual or group who are otherwise not entitled. Like any other industry, Insurance is also prone to the risk of fraud and Insurance fraud cost millions of dollars annually. Insurance, being a service [&hellip...
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  • Getting the Sum Insured Right!

    Abstract The increasing number of catastrophes world over and quite a few devastating fire accidents witnessed in India, have thrown open the need for the adequacy of the sum insured, both under material damage and business interruption. A key component of the financial management of any corporate, would be to ensure that the assets are [&hellip...
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  • A new direction

    Loss adjusters have moved into a number of new areas in recent years, not least into the role of TPA. Jonathan Clark assesses this new position for loss adjusters DESCRIBED BY some risk managers as a career defining decision, the selection of a TPA service provider is a vital element of an integrated approach to [&hellip...
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  • To outsource or not?

    Time, resources and skills are the key components to why companies turn to Third Party Administrators to help with the smooth running of their business, says Terry Simister THIRD PARTY Administration, unbundling of services, outsourcing, contracting out or sub-contacting. These are all terms which, over the years, have been used to describe a situation where [&hellip...
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    The growing trend towards larger retentions and self-insurance has meant that organisations are faced with a number of administrative areas that were traditionally handled by insurers. Claims handling and other services come as part of the insurance package, but few self-insureds are able to provide such services in-house. As a result, the Third Party Administration [&hellip...
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    THE PUBLIC sector encompasses a huge range of risks and this is reflected in the variety of topics being discussed at this year’s annual conference of the Association of Local Authority Risk Managers (ALARM). The conference, which takes place at the University of Warwick on April 12-13, 1999, includes workshops and lectures on crime prevention, [&hellip...
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  • Natural catastrophes reach exceptional level in 1998

    AN EXCEPTIONALLY large number of natural catastrophes occurred last year, according to Munich Re, with losses in excess of $90bn and insured losses of $15bn. This was the second-highest total ever, and the fourth-largest total in terms of insured losses. Around 50,000 people lost their lives as a result (compared with just 13,000 in 1997). [&hellip...
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