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Wired West - how best to present your business to an underwriter?. Lee Hudson – Bristol Branch Manager 21 st March 2006. Presentations matter. Statistics Decision makers Careful Information is king Handwritten or typed? Lower premiums Wider cover. On the lookout for.

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Wired west how best to present your business to an underwriter

Wired West - how best to present your business to an underwriter?

Lee Hudson – Bristol Branch Manager

21st March 2006


Presentations matter
Presentations matter. underwriter?

  • Statistics

  • Decision makers

  • Careful

  • Information is king

  • Handwritten or typed?

  • Lower premiums

  • Wider cover


On the lookout for
On the lookout for...... underwriter?

Companies that are:

Professional

Honest

Experienced

Qualified

Well-established

Diligent

Aware of their limits

Keen to take an excess


How do technology claims arise
How do Technology claims arise? underwriter?

  • Common areas of claim

  • Fitness for purpose

  • Breach of written contract

  • Lack of stakeholders buy in

  • Scope creep

  • ‘Outside the ball park’

  • Over enthusiastic sales people

  • Poor project management (milestones)

  • Poor control of costs

  • Poor division of responsibilities


Risk management techniques
Risk management techniques underwriter?

Internal

  • Separate sales & technical functions

  • Avoid the oversell

  • Clear mandate from all stakeholders

  • Define the specification tightly

  • Robust change control

  • Define project roles

  • Robust complaints procedure

  • Sign off sign off sign off

  • Clear milestones linked to payment


Risk management techniques1
Risk management techniques underwriter?

Contracts

  • Written contract/ heads of agreement

  • Warranties

  • Consequential loss exclusions

  • Cap on liability


Risk management techniques2
Risk management techniques underwriter?

PI Insurance

  • Breach of contract cover

    • Specification

    • Fitness for purpose

    • Reasonable care and skill

  • Negligence

  • Breach of privacy

  • Infringement of IP

  • Civil liability

  • Access to specialist lawyers


Questions? underwriter?


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