You are kindly invited to attend this Complimentary webinar. Details are appended below. Registration is required to attend this 1 hour event on 8 March 2024, starting at 3:00pm Singapore time. Sign up for free here.
Programme Highlights:
Join us for a concise yet in-depth 1-hour webinar, co-organized by the Chartered Institute of Loss Adjusters (CILA) and the Singapore College of Insurance (SCI), as we explore a decade of evolution in Business Interruption (BI) Policy Wordings. This complimentary session delves into the dynamic world of BI insurance, drawing on insights from the pivotal 2012 publication "Business Interruption Policy Wordings: Challenges Highlighted by Claims Experience" by CILA and the Insurance Institute of London, and its subsequent 2019 update.
Discover the origins of the 2012 report, a response to the industry's call for clarity in BI policies, addressing issues like the disparity between policy language and its practical application, confusion over indemnity periods, and ambiguities in standard BI policies. Learn how the 2019 update reflects significant industry shifts, including redefinitions of key terms and adaptations to tackle challenges like wide area damage, moving towards more comprehensive and transparent BI policies.
This webinar is a must-attend for professionals seeking to understand the transformation of BI policy wordings and their impact on the insurance landscape. Register now to join this critical discussion and contribute to the advancement of clearer and more effective BI policies.
For Whom:
This webinar is targeted at a broad spectrum of professionals involved in the insurance sector, including policy creators, underwriters, claims adjusters, insurance brokers, legal advisors, as well as business owners, CFOs, and risk managers.
Academics, researchers, and students in the fields of insurance, risk management, and business administration will also find this webinar extremely valuable.
Key Learning Objectives:
In-depth Analysis of the 2012 Report: Understand the foundational issues identified in 2012, exploring the gap between policy wordings and practical application in BI claims.
2019 Updates – A Closer Look: Examine how the industry has responded to the challenges highlighted in 2012, including specific wording changes and their implications on claims handling and legal interpretations.
Current Trends and Future Directions: Identify the latest trends in BI policy wordings, focusing on unresolved issues like wide area damage and the industry's movement towards more transparent and customer-friendly policies.
Real-World Impact and Case Studies: Analyze how these changes have been implemented in practice, with case studies illustrating the real-world impact on businesses and the insurance industry.
Programme Leaders:
Damian Glynn deals exclusively with large and/or complex financial losses and has acted as an expert in commercial disputes. He has provided evidence in court as an expert witness, both as a Chartered Accountant and a Chartered Loss Adjuster and has been retained to provide expert determinations. Damian chaired the Chartered Institute of Loss Adjusters’ (CILA) business interruption (BI) special interest group (SIG) for 12 years and has previously set BI examinations.
Aruna Chandrapalan is a highly skilled professional in the field of Forensic Accounting, currently serving as the Head of Forensic Accounting Services Asia in Singapore. Aruna is the current Chairperson of the CILA’s Business Interruption SIG. Her career includes significant roles at Sedgwick, Aon, and Marsh, where she gained extensive experience in forensic advisory services. Aruna holds professional certifications such as ACMA CGMA, ACILA, and CFE. Her journey reflects a dedication to excellence and a deep understanding of complex financial environments
