How to effectively communicate with your insurers

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Crisis Management Exercise Black Jack

How to effectively communicate with your Insurersdavid@hamiltonrisk.ie

Insurance inspectors are received in a different ways..In Stryker two guys I hate seeing come through my door...Patsy CurranBCI 2015David Hamilton1

Cyclical Nature of Insurance

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Growth of Risk Management in Ireland

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OPERATIONALSTRATEGICFINANCIALHAZARDWhat is Risk?

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1. Inspectors Checklist - COPE

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Construction (Insulated Rigid Panels k/a Foam Plastic Sandwich Panels)

Find out what walls, roof and floors are made of.Surely this is BCM, why does he need to know construction?Property rate determines your BI

What if I find out my walls or roof have a sandwich of polystyrene?6

Occupation What do you do?Production or Service FacilityFlowchartDependency Customers & SuppliersSupply Chain ManagementAdvise changes in Occupation

Give examples of ...Lindsay and MarinaMary and Shantalla DriveCharity and dont tell them and trustees

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ProtectionAutomatic and PassiveBenefits of a BCPIndemnity Period in BI

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ExposuresLoss EstimatesMaximum Foreseeable Loss (MFL)Normal Loss Expectancy (NLE)Build Quality in apartment blocksEmergency Services V InsuranceInsurance & Strategic Planning

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Knowing how your company is developing strategically is important so you can promote your goals under conditions of uncertainty (Risk = effect of uncertainty on objectives)

Your Business - Present & Future

Put everything your business does into one of three boxes...Box 1Manage the present (What you do)

Box 2Review & conclude on certain activities(Accountability)Box 3Create the future(Strategy)

Think inside the Box

Insurance Sector Views on BCP (BCI and CII)

BCPs need to go beyond people, IT & sites and consider customer dependency and supply chain.Lack of agreement as to what is an adequate BCP.90% Claims state presence of BC arrangements reduced BI claim, 75% Underwriters agree. However only 45% of Brokers agree.david@hamiltonrisk.ie www.hamiltonrisk.ie

This presentation was delivered at a BCI forum event. For details of upcoming events please click here.

For details of BCI membership please click here.

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