Name: Flood resilience - an opportunity to mitigate risk - MGAA webinar
Start: 2021-12-06T16:09:00Z
End: 2021-12-06T17:08:09.000Z
Location: BrightTALK
Rating: 0

This session will identify the significant differences between accounting terms and policy cover, quantifying the impact that has, the proportion of policyholders that are getting it wrong, and the reasons behind that.
Learning Objectives:
Understand insurance Gross Profit vs accounting gross profit
Appreciate how to get the sum insured right
Understand the magnitude of the problem

Gross profit - getting the insured amount right

PLEASE NOTE THE DATE HAS CHANGED TO WEDNESDAY 24 MAY.

This session will consider the UK approach to stock valuation, and identify problem areas, including paying premium on cost that isn’t real, the overlap with business interruption cover, the need for stock debris removal cover and insuring customers stock.

Learning Objectives:
o Understand how accountants value stock
o Understand how that differs from policy indemnity
o Be aware of the stock/BI overlap
o Understand stock debris removal cover

Insuring stock: a few thoughts

This session will address a number of issues with regards additional expenditure from a practitioner perspective, including:

• What are increased costs and where is the cover shown in the policy schedule?
• What is the ‘economic limit’?
• How and when is it applied?
• Who decides if a cost is reasonably incurred?
• Does it matter when increased costs are incurred?
• What about benefit beyond the Maximum Indemnity Period?
• What is AICW?
• What are ICW only policies?

Learning objectives: 
•  Understand what increase in cost or working cover is
•  Understand how it is applied in practice
•  Appreciate its critical importance for loss mitigation

Increase in cost of working – the peccadilloes

This webinar will explain what Parametric insurance is for those that don’t know., and how it fits with existing cover.

Learning objectives:

Understand what parametric cover is
Appreciate how it sits with existing policy cover
Be aware of its uses and limitations

Parametric insurance: is it the answer?

During this webinar attendees will gain an understanding of the complexities of listed buildings and how best to tackle claims involving listed buildings.  In particular, how might claims on HNW properties be dealt with and policyholders manages to ensure a smooth claim journey.

Learning objectives:
Understand the law as it applies to listed buildings
Understand the differences in grading
Understand what works can and can’t be done to listed buildings

Listed buildings - considerations for high net worth clients

Following on from our first webinar focused on basement flooding in this HNW series, in this second episode, Kevin Williams, Head of Subsidence at Sedgwick, will give an overview of managing subsidence claims for HNW properties and the complications which come with listed buildings and bespoke finishes.  The session will include an overview of what subsidence is, its causes and the methods available to investigate and monitor it.  Kevin will also discuss the repair solutions options which can be deployed for this private client market.

Speaker:

Kevin Williams BSc(Hons) MRICS ACII ACILA
Head of Subsidence, Sedgwick

Kevin is a chartered surveyor and loss adjuster, with over 25 years’ experience in handling subsidence claims. Kevin is the head of subsidence at Sedgwick and also a member of CILA’s Subsidence & Surveying special interest group.

Managing subsidence claims for high net worth clients

As inflation continues to bite, how is this impacting Insurers’ indemnity spend on material damage and business interruption losses and what can be done to mitigate this.

Learning objectives:
* Understand the reasons for claims costs increases
* Identify practical measures to mitigate the impact of cost increases

Inflation & the impact on claim costs

Our industry expert Damian Glynn will deliver a practical summary of key issues stemming from the latest business interruption judgements that the judge found for disease and denial of access extensions as they apply to Covid claims, and the findings underpinning them.
This will be a practitioner focused session rather than rehearsing legal aspects of proximate cause etc.

Learning objectives:
An understanding of the impact of the judgements pending further imminent hearings and potential subsequent appeals.

Business Interruption judgements: a loss adjuster’s perspective

The number of basement constructions and conversions have dramatically increased in the last few years providing additional space and adding significantly to the overall property value.  Along with overcoming planning and conservation hurdles, it’s easy to understand why this has become an attractive proposition for High Net Worth (HNW) clients. 
 
However, with the onset of climate change, flooding is becoming more common causing extensive damage to properties, especially those with basements. This was particularly evident this summer in London where many properties, including HNW homes with basements were flooded.  
 
In the first of a short series of webinars focused on issues facing HNW clients, this webinar will consider the particular challenges encountered with HNW basement floods whilst considering how different basement construction techniques are affected by flooding.  It will also cover how basements respond to perils and will identify tips on how to initially deal with a basement affected by flood. 
 
Dean Harding-Dempster
Dean is the UK technical practice group lead for Sedgwick’s building consultancy division.  He provides technical support to Sedgwick colleagues and to our clients covering a number of topics including the complex area of basement flooding.

Tackling the challenges of basement flooding - considerations for HNW clients

As the insurance industry explores long-term digital and environmental
ambitions, is there a danger that vulnerable customers could be
overlooked? Lauren will help you understand the prevalence of digital
exclusion and associated challenges.

Why digital doesn't click for all, and how to make it more inclusive

Ian will explore the importance of flood resilience in times of increased
flood risk, the process for considering a flood resilience strategy and help
you better understanding what flood resilience means in practice.

Property flood resilience (PFR) – An opportunity to mitigate risk

Damian is a renowned expert and leading industry authority on the highly
technical subject of BI. In this session he will give his insight into the most important aspects of BI that every broker needs to know.

Arranging business interruption cover – Three essentials to get right

It was Commercial Union that famously said “we won’t make a drama out of a crisis” nearly 35 years ago.  Fraudsters have an alternative strapline – “we will make money out of a crisis”.  Why?  Put simply, it’s about opportunity.  They prey upon and exploit human desire to help, support and do the right thing during times of extreme need.  During this webinar, Nicola Dryden will put questions from insurers to our director of investigation services, Ian Carman, to understand what we can do to mitigate fraud risks in times of crisis and surge.  Ian will look at the way fraud is managed during a surge event and examine how technology can play its part as part of a holistic counter fraud strategy during what are often challenging times both for insurers and their genuine customers.

Preventing a crisis from being an insurance fraudster's paradise

The FCA Test case showcased the range of different perceptions about the scope of disease cover. There are residual issues that are likely to litigate but we broadly know where we stand on the core issues. But misunderstandings about business extensions are not limited to disease covers – in particular, utility failure cover is provided generally on two fundamentally different bases (with a hybrid variant for good measure), threatens aggregation over a wide area if there were to be an extensive power outage, and would inevitably reveal misunderstandings about the extent to which the loss of internet sales might, or might not, be covered.

In the light of the above, this session will explore aspects of a power outage scenario and highlight the potential for further disputes mirroring that over COVID-19.
Eligible for CPD points

Utility extensions – a repeat of the pandemic expectation issues?

Hosted by: Ian Carman, Director - Investigation Services, Sedgwick International UK
Panellists: 
 •  Dan Edwards, Liability Claims Manager, Enterprise Rent A Car
 •Arnaud Grapinet, Chief Data Scientist, Shift Technology
 • Kevin Kingdon, Commercial Property Fraud Manager, Aviva
•	Simon Roylance, Claims Crime Prevention, LV
•	Stephen Dalton, Head of Intelligence and Investigations, IFB
 
The part that loss adjusting and claims management organisations play in the fight against fraud has, historically speaking, relied heavily on human expertise with traditional key fraud indicators shaping a practitioners thought process and claims validation activity. Ever since it's invention, sophisticated counter fraud AI technology has almost exclusively remained the domain of the insurer and in this webinar, we examine and explore the benefits of deploying counter fraud technology in the claims management and adjusting space.

Pairing artificial and human intelligence in the fight against fraud

A review of the current common law position in respect of flooding liabilities.

With the increase in extreme weather events and the rise in claims for flood damage. We will consider the applicable case law and the legal liability issues at common law of both naturally occurring flooding due to extreme weather events and flooding occurring or exacerbated by action/inaction of the landowner/occupier. 

By attending this event delegates will be able to identify: 
•       A greater understanding of the issue of flooding claims
• The legal principles involved
•	Be able to consider possible recovery opportunities

The rising tide of flooding claims

Riley is now 65 years old; rather than retiring at that age, the book has undergone a further editorial metamorphosis to ensure it retains its place as the essential business interruption reference work.  

Historically, there have been relatively few legal cases relating to business interruption in the UK, but with the Insurance Act on the Statute books, and the FCA Test Case having been the most significant business interruption development in living memory, the time has come to introduce a distinct legal chapter in Riley, and to introduce a second editor with an appropriate legal pedigree. So now you get two editors for the price of one.  

Working collaboratively and with the support of many expert contributors, Damian and Toby have produced an edition with the following key features: 
• Extensive remodelling of chapters and content to make content more accessible 
• Business Interruption extensions brought together in one chapter, discussed in more detail and addressed in alphabetical order 
• New legal chapter addressing the Insurance Act 2015, damages for late payment, the 2021 FCA Test case and the implications of this for causation under BI policies 
• Expanded consideration of cyber threats and cover available 
• Inclusion of discussion of parametric and pandemic/epidemic cover 
• Updated discussion of all areas, including Riot Damages and Terrorism  This session will give an overview of the new running order of chapters, identifying the degree to which content has been re-ordered as well as updated.

Launch of 11th Edition of Riley on Business Interruption Insurance

Ian will consider the importance of flood risk and its impact on businesses and provide a simple walk through of the process to create a flood resilience strategy. It is essential to have a clear understanding of the flood risk and what resilience can do, so you can focus on those assets at the highest risk and develop a resilience strategy.  By reviewing a case study where a business is currently investing in resilience following a flood incident, in conjunction with their insurers, he will bring the concept of flood resilience to life.

Learning Outcomes
• Understand the importance of flood resilience in a time of increased flood risk
•	Provide an overview of the process for considering a flood resilience strategy
•	Gain a better understanding of what flood resilience means in practice

Flood resilience - an opportunity to mitigate risk - MGAA webinar

sedgwick

resilience

flood

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Flood resilience - an opportunity to mitigate risk - MGAA webinar

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