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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.
  • Statistics
  • Decision makers
  • Careful
  • Information is king
  • Handwritten or typed?
  • Lower premiums
  • Wider cover
on the lookout for
On the lookout for......

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?
  • 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

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

Contracts

  • Written contract/ heads of agreement
  • Warranties
  • Consequential loss exclusions
  • Cap on liability
risk management techniques2
Risk management techniques

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
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