CPD / CIP Points = 2.5
Estimated Duration = 2.5 Hours (including a short break)
Management Liability (Recommended Pre-requisite “Claims Made Policies”)
Key learning outcomes:
The Management Liability module begins by explaining the purpose and structure of this insurance product and the different covers available, including Directors’ & Officers’ Liability (D&O), Employment Practices Liability, Crime and Statutory Liability. Participants will learn who and what is insured, what triggers coverage and the types of claims, financial losses and costs that may be covered. Particular attention is given to the different D&O insuring clauses, including cover for directors and officers personally and for the company itself.
Practical claim scenarios are followed by an examination of a Management Liability policy wording, including insuring clauses, extensions, exclusions, conditions, definitions, limits and excesses. Participants will also compare elements of policy wordings to identify material coverage differences and consider their implications for clients. Association Liability, a related insurance product, is also briefly explored.
The module concludes with a look at how Management Liability knowledge can be applied in the broking process, including conversation starters and risk prompts to help brokers identify and discuss relevant exposures with clients.
Interactive exercises and progress checks are incorporated throughout the workshop. The claims-based exercises also require participants to identify relevant risk management measures and consider how to explain the importance of cover to clients. A short test is available following the workshop.
On completion, participants will be better equipped to identify Management Liability exposures, understand and compare policy coverage, and explain its relevance to clients.
