Insurance Act 2015
- Speaker: Mr André Meijer
- Duration 45 minutes
- Difficulty: No prior knowledge required
The new Insurance Law urges maritime companies to implement procedure upgrades for sharing risk information. Poor communication will lead to crucial financial impact.
Everyone interested or involved in Management and Execution of Maritime Projects, Contract & Legal Management, Financial and Insurance Management.
You will learn to:
Improve your internal risk communication lines;
Provide clear and material risk facts to your broker and insurers;
Understand how the Duty of Fair Presentation works.
ABOUT THE SPEAKER
Mr André Meijer has over 50 years of experience in the marine insurance industry and has given numerous presentations to employees of dredging companies.
ABOUT THE WEBINAR
The webinar will focus on the pitfalls and dangers of the new Insurance Law; this can help your organisation respond to the new Duty of Fair Presentation part of this law.
Non-compliance will make your policy void with huge financial consequences. How can one avoid that? Obviously, the insurer wants to get a clear picture of the risk details before acceptance. If you were the insurer, what information would you find essential before accepting those risks? This new mind-set for a clear information release to brokers and insurers is the key for compliance to this Duty. But how can it be implemented in an organisation?
We will show you recent examples of multimillion Euro write-offs to make it clear that even now the risk communication among project management, legal, finance and insurance departments is not always flawless. You will get practical guidelines for a new mind-set towards risk transfer and information requirements of insurers.
HOW DOES THIS NEW INSURANCE LAW RELATE TO THE MARITIME INDUSTRY?
The new Insurance Act 2015 applies to all key maritime contractor’s policies such as:
Construction All Risks (CAR) - Design Liability - General Liability; Hull - P&I – Towage – War, Mines and Terrorism risks for Offshore and Dredging Equipment.