CPD / CIP Points = 2.5
Estimated Duration = 2.5 Hours (including a short break)
Claims Made Policies
Key learning outcomes:
The Claims Made Policies module begins by comparing how occurrence-based and claims-made insurance policies operate. Participants will explore the distinction between a Claim and a Circumstance, the importance of the Retroactive Date and how the timing of an act, awareness of a matter and notification can determine which policy may respond. Examples from actual policy wordings reinforce the importance of understanding definitions and notification requirements.
The module then examines late notification and potential protections available under Sections 40(3) and 54 of the Insurance Contracts Act 1984. Continuity of Cover is also explored, including the distinction between Retroactive Dates and Continuity Dates, and the potential consequences of changing insurers.
Run-Off Cover is examined in detail, including its purpose following retirement, cessation of business or a sale, how it protects against historical exposures and the different ways cover can be structured. Participants will also explore common pitfalls surrounding claims-made policies which insurance professionals need to be conscious of.
Interactive exercises and progress checks are incorporated throughout the workshop. A short test is available following the workshop.
On completion, participants will be better equipped to understand how claims-made policies operate, recognise potential coverage and notification issues, and identify important considerations when arranging, renewing or changing insurance cover. This knowledge also provides an important foundation for understanding products such as Professional Indemnity, Management Liability and Cyber Insurance.
