Introduction to Fire Risks

Introduction to fire risks


1 day

Session One:

Delegates who successfully complete this workshop will be able to demonstrate;

  • Identify the main risks to property and some of the principal risk controls
  • Outline the application of the following principles of insurance:
    • Indemnity
    • Insurable interest
    • Utmost Good Faith
    • Proximate cause
    • Contribution
    • Subrogation
  • Describe how the principle of proximate cause applies when determining cover under a commercial property policy
  • Explain why commercial property coverage is purchased

Session Two:

  • outline the perils covered under Fire/Commercial Property insurance
  • identify what types of property are and are not covered under Fire/Commercial Property policies
  • outline the principal extensions and exclusions which apply to Fire/Commercial Property policies

Session Three:

  • explain the difference between “indemnity” and “reinstatement” under a Fire/Commercial Property policy and how it impacts claims settlement and the setting of sums insured
  • explain how insureds should establish the correct sums insured for buildings, machinery equipment and stock
  • explain how the policy condition of average applies and why insureds must be aware of it
  • compare excesses, deductibles and franchises
  • outline the information required to obtain a Fire/Commercial Property quotation and the principal underwriting and rating considerations which apply
  • explain how underwriters arrive at their rating for Fire risk
  • explain the importance of Estimated Maximum Loss and calculations

Session Four:

  • distinguish between physical and moral hazards and provide examples
  • describe some ways for businesses to manage the risks of damage to their commercial property more effectively
  • outline the principal risk controls which reduce the risk of property damage
  • apply Fire and Commercial Property wordings to simple claims
  • describe how the principles of proximate cause, contribution and subrogation apply to property claims
  • outline the property claims process and describe the role of loss adjusters and loss assessors

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