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Zurich Claims Quarterly JournalSpring 2019
Get started here
Contents
Welcome 3
A 2019 FI/D&O Outlook 4
General Average and Cargo Accumulation 6
Royal Commission 7
Marine Cargo – Clandestine 9
Accident & Health – claim from your Pocket 10
Cladding claims in the aftermath of the Grenfell Disaster 12
Our customer proposition 13
Claims Commitment 13
2Zurich Claims Quarterly Journal > Contents
Welcome
I am delighted to bring you the first journal of 2019 with this spring edition of Zurich’s quarterly Claims Journal.
This edition has a focus specifically on the Specialty lines part of our business. We are delighted to provide some key insight in the FI/D&O environment and especially the developments with regard to the Royal Commission Final Report in Australia. In Professional Indemnity we revisit Cladding post Grenfell a year on and are delighted to focus on how we are using technology via our new smart phone App to streamline the notification/claims journey for our A&H business. For Marine we look at General Average and also the impact of clandestine travellers within the Cargo space.
Hopefully you will agree all this great insight demonstrates the breadth and depth of the knowledge of our claims specialists and that we continue to work hard supporting you – our customers with a market leading approach.
Collaboration and engagement remains a fundamental priority for Zurich, whether that be in the form of sharing knowledge and learning from our claims experiences, providing thought leadership or using our expertise to drive positive change.
I very much hope you enjoy the content of the latest journal. We would welcome any feedback you may have or recommendations for topics you would like us to cover in the future.”
Yours, William
William AndersonHead of UK Specialty Lines Claims
+44 (0)787 5886398
3Zurich Claims Quarterly Journal > Welcome
Increased Regulation
Increased regulatory action is taking place across various global jurisdictions of Europe, the Americas and Australia (DoJ, SEC, SFO, FCA, CFR, ASIC, Contraloria). This increase causes even more reliance on D&O policies, particularly for individual Directors and Officers. It is therefore vital for our customers to have policies which respond in relation to Defence Costs.
Litigious Environment
Continuing increase in the litigious environment – particular growth of Class Actions being filed within the US and Australia (with the US having a total of 412 new federal court securities class action lawsuits filed in 2017 and 403 in 2018 – 210% above the 1996 – 2016 average annual filings of 193), emerging Class Action jurisdictions of Israel and Germany and heightened activity in the UK through Group Litigation Orders. As a result, increasing exposure to both customers and in turn insurers is growing ever greater year on year.
Company Co-operation
DPAs (Deferred Prosecution Agreements) are on the uptake which could ultimately lead to entities “offering up” Directors and Officers in order to strike a better deal with the regulators. This in turn could lead to an increase of claims from a Side A perspective.
Senior Managers Regime
Increased scrutiny and accountability on Directors and Officers through the FCA’s Senior Managers Regime. Whilst claims emanating from this regulatory initiative
have not been as great as first thought, we could begin to see more and more claims coming through as time passes and the SMR becomes more and more embedded within the financial sector.
Insolvency
Following the forming of The Insolvency Service in April 2016, Insolvency actions are leading to more investigations and/or proceedings against D&Os where the IS are going after individuals following their involvement in an insolvent entity. This can ultimately lead to disqualification and damages being paid to creditors. The time frame on this is also a concern as the IS has up to three years from the date of the relevant insolvency within which to bring disqualification proceedings against an individual.
D&O Data Breaches
Companies who experience data breaches are also being hit with Security Class Actions. This isn’t anything new. However where previously these lawsuits have largely failed, in March 2018, Yahoo settled a securities related lawsuit for $80M. This settlement represents the first significant recovery in a D&O lawsuit. Whilst this case may have been unique in that the public announcement of the data breach caused economic harm to Yahoo shareholders after renegotiation of the shareprice prior to its takeover by Verizon, the settlement does represent a milestone by constituting the first evidence that plaintiff lawyers may be able to make money from data breach related D&O litigation.
A 2019 FI/D&O Outlook …
Chris SpiceTeam Leader – Financial Lines UK Specialty Lines Claims
+44 (0)207 648 3733
Over the past 18 months, we’ve seen some significant developments in various quarters within the Financial Institutions and Management Liability sectors, some of which on paper are more significant than others. Below, we take a snapshot look at the key topics:
4Zurich Claims Quarterly Journal > Zurich Claims Quarterly Journal > A 2019 FI/D&O Outlook
With vessels becoming larger all the time, the insurance industry could soon find themselves paying much larger claims due to General Average (GA).The principle of GA can be dated back as far as 800 BC and to this day its practice largely remains the same. While there have been tweaks over the years, its intention remains relevant in the 21st Century:
“that which has been sacrificed for the benefit of all shall be made good by the contribution of all”
For the Master of a vessel to declare GA there must be; a common danger, a voluntary expense or sacrifice (such as jettison) and a successful attempt to avoid the imminent common peril. Examples of a GA act can be a Master refloating by lightening the vessel due to running aground in shallow waters or utilising salvors to extinguish a fire on board.
While this peril is one of the oldest, its frequency and severity is often overlooked by cargo interests. When coupled with vessel owners in a battle to build the biggest ships and cargo interests not being fully aware of the location of their goods, we find ourselves amidst a perfect storm of cargo accumulation.
Last year the industry watched as the Maersk Honam suffered a fire on board while 900 nautical miles south east of Oman. It took roughly 11 weeks for salvage operations to complete which allowed the vessel to then berth at Jebel Ali, Dubai.
Following these events it has transpired that some cargo interests are not fully aware of the location of their goods as they are often handed over to a freight forwarder to manage. With this lack of visibility comes a heightened accumulation risk with the whereabouts
of cargo not being known. It then comes as quite a surprise to customers, when a GA event is declared, as it transpires that the majority of their cargo is grouped together on one vessel. This accumulation then places a significant financial, logistical and operational burden on insurers and insured’s alike.
As mentioned, in the event of GA being declared it not only becomes an operational and logistical burden, it also becomes an administrative one too. GA adjusters will require certain documents which include bills of lading, commercial invoices, as well as GA security forms to be provided for each consignment. It’s been seen recently that cargo owners unknowingly can have north of 300 consignments on board a single vessel, i.e. a significant exposure.
Even if it emerges that the receiver’s goods were fortunate enough to not be damaged, they may still find there are logistical, financial and reputational issues caused by the delay of the cargo being onboard the vessel far longer than intended.
Take a department store moving their seasonal wares and an independent wholesaler which both find that all of their goods are on the same vessel. They may find themselves struggling to fill the shop floor and defaulting on contracts as a result of not fulfilling their customers’ orders.
With vessels regularly increasing their cargo capacity, we may soon find that the risk of cargo accumulation becomes far more frequent and damaging to the cargo industry.
General Average and Cargo Accumulation
Alex BlakeClaims Adjuster – Marine, Fine Art and Specie UK Specialty Lines Claims
+44 (0)207 648 3740
5Zurich Claims Quarterly Journal > Zurich Claims Quarterly Journal > General Average and Cargo Accumulation
The Final Report – Key Findings
The Final Report identified some key misdemeanours, including, a deceased being charged a premium for life insurance and fees for financial planning services, rampant fee gouging, hidden fee commissions and generally examples of conduct by both banking D&Os and professionals which fell (far) below expected standards.
The Final Report recommended the following key changes to regulation within the financial services industry in Australia (which the Federal Government have already signaled an intention to enshrine/enact these at law – granularity is provided by the 76 recommendations):
1. The law must be both adopted and enforced;
2. Industry codes should be approved under statute and any breach of a key promise made to customers in the codes should be a breach of statute;
3. No financial product should be ‘hawked’ to retail clients;
4. Intermediaries should act only on behalf of, and in the interests of, the party who pays the intermediary;
5. Exceptions to the ban on conflicted remuneration should be eliminated; and
6. Culture and governance practices (including remuneration) arrangements, both in the industry generally and in individual entities, must focus on non-financial risk, as well as financial risk.
Clearly, the above mentioned heightens exposure for D&Os and professionals working within financial institutions and therefore potential exposures translated to FI D&O and FIPI policies. Regulators, namely ASIC and APRA will likely be provided with greater powers and increased mandate to enforce regulatory breaches. These regulatory bodies will also be subject to greater scrutiny by an overseer body as well as twice-annual reviews and direct instructions to collaborate and share information.
Royal Commission
Martyn AlcockLarge & Complex Claims Manager UK Specialty Lines Claims
+44 (0)207 648 3216
Mark DowsingSenior Claims Solicitor Financial Lines Claims Global Centre of Excellence
+44 (0)207 648 3186
On Friday, 1 February 2019, the Final Report (the Report) of the Royal Commission into Misconduct and the Banking, Superannuation and Financial Services Industry (the Royal Commission) was released.Notwithstanding the sparse resources provided to the Commissioner and the tight timeframe, very few could have envisaged what the Royal Commission would discover and the 76 recommendations made (which will become law in Australia) will have substantive impact both on the regulations of the financial services industry and in turn on the potential exposures/coverages under FI D&O and FI PI policies.
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Increased exposures against D&Os and banking professionals
It is in relation to the new proposed governance regime that the greatest potential exposure will be realized against Insureds of FI D&O and FIPI policies. Drilling down:
• APRA – enhanced responsibilities to supervise remuneration and culture and governance. These recommendations extend the shift in APRA’s supervisory approach that it embarked on several years ago.
• ASIC – new approach to enforcement. ASIC will begin by questioning whether a court should determine the consequences of a contravention – the “Why not litigate?” approach. This will be facilitated by the Government announcement that the jurisdiction of the Federal Court will be expanded to include corporate crime infringement notices and enforceable undertakings will be used less frequently.
Risk management?
Financial institutions and their insurers ought to be mindful of and consider the following:
• Consider whether their regulator engagement models are fit for purpose in the current environment and focused on rebuilding trust with the regulators. ASIC’s “Why not litigate?” stance raises fundamental questions for senior leadership to consider.
• Focus on complying with the spirit and intent of the law. The Commissioner recommends that “legislation governing financial services entities should identify expressly what fundamental norms of behaviour are being pursued when particular and detailed rules are made about a particular subject matter”. Institutions will need to encourage their employees to ask the question “Should we?”, rather than “Can we?”.
• Consider how this more intensive supervisory and enforcement approach will influence management decision-making in relation to the consequences of compliance breaches and funding allocations for Risk and Compliance. In addition, senior management will need to consider the reputational impacts of public enforcement action.
Further comment
Financial institutions have an opportunity to ‘spring clean’ their modus operandi and governance procedures in light of the Final Report. Focus should be on addressing the root cause of potential problems and sharing of that insight and solution. Given the 30 day time limit for reporting ‘significant’ breaches to ASIC, companies’ reporting mechanisms need to be looked at to ensure compliance.
Directors and senior officers need to take action now in order to prepare themselves and their companies for increased scrutiny and regulation. It is likely that there will be an ‘upsurge’ both in reporting circumstances to insurers in the wake of the Final Report and also potential claims against policies for indemnity following regulator intervention.
At heart, the Final Report has the customer in mind. D&Os ought to therefore build their governance processes around this objective and enhance accountability of senior leadership for decision making and to ensure that decisions are principle based and that they ‘do the right thing’ for the customer in an open and transparent manner. Regular checks are required by boards to ensure that they have the skills sets in play to achieve the highest level of compliance with the new regime.
Royal Commission (continued)
Institutions will need to ask the question “should we?” rather than “can we?”
7Zurich Claims Quarterly Journal > Royal Commission
The Insured also need to protect their brand name and therefore cannot take the risk of contaminated goods going out into the market. Their goods are for human consumption and could cause serious illness to members of the public, which in turn could be detrimental to their business if a law suit was served on them.
Not only does this cause them disruption getting goods to their customer undamaged or free from contamination but it increases their exposure and premiums due to the volume of claims.
What this means for Insurers
Under Marine Cargo policies there has to be evidence of physical loss or damage. In these instances where contamination is a factor of the loss and only part of the consignments are showing signs of damage or contamination, for the cargo that is not showing any signs of damage or contamination this becomes (Fear of Loss) not physical loss and marine policies do not cover fear of loss.
Many insureds insist on destroying the whole consignment to protect their brand and this in turn brings the difficulty to Insurers as majority of the cargo has no signs of physical loss.
Policies now tend to have clauses such as Brands clause and Control of Damaged goods clause, which gives the Insured control over their cargo and if it does not meet with their quality control or has any indication of contamination they have the right to destroy the whole consignment.
Risk Management
We noted at an early stage for one of our customers that curtain sided trailers were being used to transport their cargoes of confectionery. This type vehicle has easy access for the clandestine as they could just cut the curtain and enter the trailers without being noticed. As a risk management exercise we had discussion with our TPA around this subject and advised our insureds that they could lessen their claims and protect their cargoes if they were to arrange the transport of their cargoes in rigid trailers as these would be much harder to enter. This did not entirely stop the access to the trailers, but did reduce the claims.
We also advised of the bio trace testing for contamination that is available. Swab testing which will determine any contamination such as human waste (urine, faeces) and any other contaminate to the cargo.
The testing is done by using ATP biological test kits that read RLU (Relative Light Unit – a measure of biological material), to ascertain the level of any contamination.
This testing reduces incurring huge costs and associated costs for the Insured and also provides evidence that the cargo is safe to go out into the market for its intended purpose.
Subrogation / Recovery
Pursuing recoveries against the third party carriers can also prove to be difficult as they will only consider the cargo that has physical damage or contamination and not that of fear of loss. This reduces the recovery rights for insurers.
Marine Cargo – Clandestine
Gail StevensMarine, Fine Art and Specie Claims Adjuster UK Specialty Lines Claims
+44 (0)207 648 3147
Over the past few years there has been an extreme increase in claims for contamination and damages to cargoes due to clandestine travellers entering containers and trailers in transit, these are mainly for consignments being transported through European countries, and in the main Calais France as this gains entry to the UK where the clandestine travellers are trying to seek asylum.
What this mean for Insureds
Insureds are facing these types of claims on a daily basis which has a huge impact on their business especially if their commodity is food stuffs and confectionery. They not only face the loss of the cargoes, but also being able to get the additional supplies to their customer to meet their customer needs.
8Zurich Claims Quarterly Journal > Zurich Claims Quarterly Journal > Marine Cargo – Clandestine
Accident & Health – Claim from your PocketThe Zurich Accident and Health team are dedicated to providing an exceptional claims service. With the Zurich claims commitment at the heart of what we do, we are proud to announce an effortless solution to submitting claims for business travel and personal accident matters.
The Z-Alert online will replace our previous claims process. Your employees/clients will be able to submit full details of any potential claim to us online, either when back home or during their journey. A link to Z-Alert can be downloaded to a smart phone home screen, from here, you will be able to submit all the necessary information Zurich will need to process your claim swiftly and efficiently.
Submitting anything from a Personal Accident claim to a lost suitcase couldn’t be easier, Z-Alert includes a tool for uploading and submitting documents or photos via your Smartphone camera.
We understand every business manages their insurance claims differently, Z-Alert can facilitate brokers, insurance managers or other parties submitting claims on behalf of your employees, to best suit your business needs.
Once you have completed all the relevant fields, Z-Alert will forward your claim to the relevant person you have nominated to approve your claim to streamline any internal approval process that may be required.
Z-Alert will also notify the user if an item of information crucial to the processing of the claim has been missed, meaning once we do receive your claim, we can deal quickly without the need to return to you for additional information.
Claims can now be submitted at Travelandpa.zurich.co.uk
Here are our top tips for making a claim whilst travelling.
1. Take a note of your policy number so you can start the claim whilst travelling, if you need to.
2. Take the hassle out of searching for receipts once you have returned home by taking photos on your mobile phone as you go to log any receipts of costs you wish to claim. When you come to submit your claim you will be able to upload photographs from your photo library to support your claim.
3. In the event of a claim, be sure to provide your business trip and payment approver details in the relevant field. Sensitive data will be removed before your manager receives a notification to approve you trip. The claim will then automatically be submitted to Zurich.
To ensure communication with us is effortless throughout the life of the claim, we have also launched text messaging technology to ensure you are kept fully updated on the progress of your claim.
As well as submitting a claim after the event, Zurich have partnered with Healix to provide online support to prepare for a trip or whilst travelling. ‘Janice Buffett from Healix international explains the potential benefits of the Healix Oracle App:
Gemma FoxTeam Leader Accident & Health UK Specialty Lines Claims
+44 (0)7875 887738
The Zurich Accident and Health team are dedicated to providing an exceptional claims service. With the Zurich claims commitment at the heart of what we do, we are proud to announce an effortless solution to submitting claims for business travel and personal accident matters.
9Zurich Claims Quarterly Journal > Accident & Health – claim from your Pocket
“The Travel Oracle app is an essential tool for international business travellers and employees on overseas secondment, helping ensure their safety and security while abroad. It provides instant access to critical insight and support and is a vital resource for pre-trip preparations as well as for monitoring developments while on assignment.
The Travel Oracle app provides users with real time country alerts on breaking incidents and up-to-date travel, health and safety information. Users can specify their own ‘Watch List’ of countries, incidents and news items to monitor and news items and alerts can be ‘tagged and saved for future reference. Comprehensive country briefings on over 200 countries provide essential information and advice with useful local knowledge and details of country risks and cultural differences.
A direct link to Healix’s dedicated team of medical, security and travel experts means that advice and assistance is just a tap of a button away, from anywhere in the world and at any time of the day or night. An inbuilt ‘Mayday’ function also allows for an email alert to be automatically sent to designated contacts along with a series of situational photographs, a sound recording and GPS location in an emergency.
A secure 50mb storage facility means that scanned travel documents can be quickly produced if the originals are lost and personal or medical information can be safely recorded in the Profile section.
Available as an app on iOS and Android platforms, Travel Oracle is also available as an online portal.”
Available as an app on iOS and Android platforms, Travel Oracle is also available as an online portal.”
10Zurich Claims Quarterly Journal > Accident & Health – claim from your Pocket
Cladding claims in the aftermath of the Grenfell Disaster: A professional indemnity insurer’s perspective 12+ months on
In the immediate aftermath of the Grenfell Tower fire, the Department for Communities and Local Government (since renamed the Ministry of Housing Communities and Local Government) undertook a series of destructive tests to assess how different types of ACM cladding behave in fire, when in combination with various insulation materials. The results were concerning and highlighted the numerous combinations of products available within the market.
In addition, Sir Martin Moore-Bick was appointed to chair an inquiry into the Grenfell Tower fire and Dame Judith Hackitt was tasked with undertaking an independent review of the Building Regulations 2010. The Grenfell Inquiry is underway though it is not yet known how long the inquiry will run for and there is no indication, yet, as to the conclusions it will reach.
Dame Judith Hackitt’s review has however been completed and her final report, published in May 2018, concluded, inter alia – “The current system is far too complex, it lacks clarity as to who is responsible for what, and there is inadequate regulatory oversight and enforcement.”
Since the publication of the Hackitt report, you could be forgiven for thinking that the pace of activity has slowed. This is not necessarily the reality however, with the Government making announcements in relation to the changes they intend to effect including, on 21 December 2018, the introduction of an amendment to the Building Regulations to implement tighter controls over the materials used in the external walls of multi-storey buildings (see Building (Amendment) Regulations 2018).
Last year, we presented an article in relation to the work being undertaken, by Government and others, in the immediate aftermath of the June 2017 Grenfell Tower disaster. In the 12 months that have followed, what changes have been implemented and what steps are being taken to introduce a new regime for construction works and, in particular, fire safety?
Kelly RichardsSolicitor/Claims Adjuster – Professional Indemnity UK Specialty Lines Claims
+44 (0)207 648 3153
11Zurich Claims Quarterly Journal > Cladding claims in the aftermath of the Grenfell Disaster
In addition, the Government is currently investigating wider fire safety issues including ongoing work looking into the fire door industry. A Building Safety Programme has also been introduced to cover buildings over 18 metres in height with a view to providing advice and support to building owners, housing providers, schools, hospitals and the construction industry. At the time of writing, there is little in the way of anecdotal evidence as to how this programme is operating and performing, though this will no doubt develop over time.
With investigations ongoing into cladding, and wider safety issues, this remains a time of great uncertainty for many construction professionals and their insurers alike. The recent decision from Australia, in relation to the 2014 Lacrosse tower fire in Melbourne, has only added to this as we try to analyse the findings and assess the extent to which the principles in the case may be applied in jurisdictions outside Australia. Change is happening, but it must be fair to say that we are some way off the “new regulatory framework” called for in Dame Judith Hackitt’s final report.
We appreciate that there continues to exist understandable concern attaching to questions raised of some of our insureds around the types of cladding applied to buildings they are working on as well as, more recently, in relation to other aspects of a construction which relate to fire safety.
Insurers will find it challenging to provide conclusive, case specific, advice around policy coverage or issues of liability in this area. We at Zurich however continue to provide our insureds with practical advice and support in terms of dealing with notifications from early requests for information up to and including more advanced schemes of ‘remedial work’.
Our experience to date has highlighted how fact specific individual notifications in this area tend to be. Whilst there is a need for consistency in approach on issues of coverage and liability, we also understand the need for agility, commerciality and pragmatism in managing queries and allegations arising in relation to cladding and fire safety.
Cladding claims … continued
12Zurich Claims Quarterly Journal >
Our customer propositionOur Zurich UK Claims Commitment
Protecting your ability to compete
At Zurich, our claims service is a priority, that is why we continually strive to provide a market leading claims proposition that reflects our customers’ changing requirements.
Working together for the best
The claims service is an integral part of the Zurich proposition and we are renowned for offering reliability, speed of service and expertise when a claim happens, to get you back on your feet and to stay in business.
That’s why we make a commitment that our claims service will be:
• personal to each customer, working closely with you using our combined knowledge of your organisation, people and business
• effortless, as we know the easier it is to claim, the more content you will be
• clear, so you know exactly what you need to give us to progress your claim. Straightforward communications are vital to settling claims quickly and smoothly
• collaborative, working together, sharing a common goal to conclude the claim as quickly as reasonably possible and to keep you in business.
Our Claims Commitment ensures that you know where you stand every step of the way. It involves us working closely with you and supporting you all the way through a claim.
13Zurich Claims Quarterly Journal > Our customer proposition > Our Zurich UK Claims Commitment
It’s here in blue and whiteWhatever the size of the claim, our Claims Commitment ensures that we will work closely with you and settle accepted claims (building upon our 99% claims paid record), as fast as possible whilst robustly defending you against unwarranted claimants.
In respect of the larger and more complex claims
When you claim:
• a dedicated claims expert will contact you as quickly as possible and within 24 hours
• if appropriate, we will appoint a dedicated third-party expert as quickly as possible and within 24 hours.
If it is clear what caused the incident, we will provide our initial view on policy liability within 48 hours.
If Zurich and your business agree the claim will potentially cost more than £250000, we will:
• arrange and hold a conference call or meeting within 5 days of the claim being notified. This call or meeting will include you and relevant stakeholders, such as your broker and any third-party experts. We will discuss and agree a claims strategy which includes the communication plan and our combined agreement on how best to resolve your claim.
• let you know the additional documentation and/expert evidence we need to assess your claim, no later than 7 days after you first notified us.
• give you an initial view about paying your claim within 72 hours of receiving all the information we need.
• pay you an interim amount, if required or requested, within 72 hours of us agreeing to pay the claim. We will always try to put you in the best financial position possible.
• pay the final amount within 72 hours of us receiving the documents we need, unless we’ve agreed and documented otherwise in release or settlement papers.
For all claims we will:
• respond to all communication from you and your broker promptly
• give specific customers access to our claims relationship team to assist you generally on all claims matters
• once coverage is confirmed, pay the claim promptly upon receipt of supporting documentation
• work with you to produce the accurate claims information and the data you need
When making a claim you also have access to:
• Our award winning fraud protection team
• In house claims inspectors to investigate EL claims on site
• In house pre and post loss rehabilitation team
• In house forensic motor engineering team.
Why choose Zurich?
Zurich is a leading multi-line insurer that serves customers in global and local markets. With over 55,000 employees, and a wide range of general insurance and life insurance products and services, we have the size, strength and scale to support you. We serve individuals, small businesses, and mid-sized and large companies, including multinational corporations, in more than 170 countries.
To find out more about our Claims Commitment, speak to your Zurich contact today.
14Zurich Claims Quarterly Journal > Our customer proposition > It’s here in blue and white
Large Loss Scenario Workshop
Large Loss Scenario Workshops help protect our customers’ ability to compete.
Certainty is the number one priority for any customer responsible for insurance procurement. Certainty of the skills and expertise of individuals responsible for underwriting their risk and handling their claims. Certainty on the nature and extent of policy coverage and programme structure. Certainty of the roles and responsibilities of key decision makers throughout the duration of their partnership with an insurer. Certainty that Zurich will deliver on its commitment and protect their ability to compete.
By using Case Studies that are bespoke to the challenges a customer may face; Zurich, the broker and the customer will jointly agree a defined set of workshop objectives in conjunction with other critical service providers such as loss adjusters and lawyers.
A Large Loss Scenario Workshop is an essential element of pre-loss planning that ensures all parties are fully prepared in the event of a loss affecting our customers’ business.
The workshop provides you with the opportunity to engage proactively with Zurich and your broker.”
PERSONALFully tailored workshops will enable Zurich, the broker and customer to develop a more intimate understanding of how specific events affect each other’s business
EFFORTLESSDefining transparent communication channels to be utilised throughout a claim and understanding the expectations and requirements of a customer’s business
COLLABORATIVEOpportunity to build and enhance the tripartite relationship between Zurich, the broker and customer
CLEARStress testing policy wording to gain confidence on the nature and extent of policy coverage and clarifying the essential steps for Zurich to determine policy liability
15Zurich Claims Quarterly Journal > Our customer proposition > Large Loss Scenario Workshop
Zurich Insurance plc is authorised by the Central Bank of Ireland and authorised and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our authorisation by the Financial Conduct Authority are available from us on request.
Our FCA Firm Reference Number is 203093.
720299006 (02/19) CMS
Protecting our customers’ ability to competeOur Claims Commitment
16Zurich Claims Quarterly Journal > Protecting our customers’ ability to compete
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