Programme on Risk Assessment & Fire Insurance Claims in New Delhi

In the recent weeks, there has been lot of discussion among industry and corporate regarding AMRI case, which has resulted in financial loss, goodwill set back to reputed business houses, deferment of large-scale investments in hospitals in West Bengal by the group and even prosecution of the directors of the corporates who have been managing AMRI. FICCI the apex chamber of commerce has taken up the matter with West Bengal Government for taking lenient view of the whole matter and release the directors.

The officials of IFI feel that AMRI disaster would not have happened if risk assessment and sufficient safety procedures would have been taken care off. This activity needs team approach among various departments of the organisation (security/administration and even senior management) as well as insurer, insurance intermediary and surveyors. With a view to fill up this gap, it has been decided to have training programme on Risk Assessment and Fire Insurance claims so that managers of industrial units/corporate can benefit and learn the importance of team approach in facing risks on 24 hours basis and on all 365 days of the year.

Announcing the programme Mr S. K. Sethi Vice President of Insurance Foundation of India said “This 2 day interactive case study based training programme will aid in bringing key stakeholders of insurance products such as Insurance users, Insurance Companies, Insurance Brokers, Insurance surveyors together to brainstorm with the highly experienced faculty drawn from the Industry so that disasters such as AMRI fire can be avoided.”

He further informed that 2 Days Programme on Risk Assessment and Fire Insurance Claims is being organised on Monday / Tuesday- January 30 & 31, 2012 at PHD House, PHD Chamber of Commerce and Industry, 4/2, Siri Institutional Area, August Kranti Marg, New Delhi-110016. Certificates will be issued to the participants on completion of this programme.

Full details are available on www.ifingo.org

Why specialized programme on Risk Assessment and Fire Insurance claims

Fire and allied perils are devastating for any business venture whether it is a manufacturing unit or service provider such as hospitals and hotels.

Most businesses realize at the time of claim that the claim amount is not payable because proper risk assessment was not done at the time of taking the policy. Businesses fail to realize that risk cannot be managed only by taking insurance policy. It is their responsibility for maintaining the safe environment to conduct the business so that safety of employees /customers can be insured. The insurance policy will not cover the risks associated with organization if it fails to fulfill the safety conditions attached to the policy.

This programme will give an opportunity to participants to interact with faculty members who have vast experience of dealing with businesses and claims not only in India but even worldwide. Participants will be able to learn about common mistakes that ultimately causes hardship to various organizations.

Mr. Sethi pointed out that fire not only causes losses to organization’s asset and life but also severely affects the goodwill and future growth of the organization. In many cases owner, promoter and directors face prosecutions as we have noticed in the case of certain cinema halls/hospitals in the recent years.

Uphaar cinema tragedy and AMRI hospital tragedy are the examples before us and it is our duty to avoid such tragedies in future as no one can fill up the gap of loss of life.

Who should attend the programme?

This programme will have good emphasis on case studies with a view to provide practical understanding of risks associated with fire and allied perils. The aim is to discuss and come out with solutions for difficulties faced during purchase of insurance policy, lodging, processing and settlement of claims. Some of the case studies will cover rejected claims, which ended up in consumer forums /courts.

According to Mr. Sethi, “There are many conferences on insurance but in these conferences emphasis is on general statements. We in Insurance Foundation of India have realized that there is need for various players to assemble at single location, have discussions with an open mind, understand the view point of each other so that all players or team members are well prepared to face any accident/calamity when it occurs”.

The programme is structured in such a way that it promotes interaction among managers of:

• Firms who purchase fire insurance polices
• General  Insurance companies involved in business development ,selling, underwriting and managing fire insurance claims
• Insurance brokers  who are most important insurance intermediary
• Surveyors who are an important link in processing/ settlement of insurance claims.

TOPICS TO BE COVERED IN THE PROGRAMME ARE

• Risk assessment- its necessity
• Negotiation of price/ policy terms with Insurance Company
• Processes and systems to protect your insurable interests.
• Accident has occurred- what next.
• Importance of survey/ interaction with insurance company.
• Implications of salvage in settlement of claims.
• Accounting / Taxation implications of insurance claims.
• Queries of the delegates on fire insurance subject will be clarified by a panel of experts.

Sharing the details of the faculty members Mr. Sethi emphasized that all sessions are to be handled by eminent faculty members drawn from the profession and industry.

About the Organizer

Insurance Foundation of India (IFI) is set up under Trust Registration Act 1882 of Government of India as a not for profit organization. The main objective of IFI is to promote awareness of Insurance among masses. It also focuses on education/training programmes to improve capabilities of those working for Insurance industry.

Some distinguished speakers who have been involved in training programmes organized by IFI are eminent personalities of Indian Insurance Industry such as -Mr. S.B. Mathur, Mr. M. Ramadoss, Dr. Somil Nagpal, Dr. V Ranjan, Mr. Abhijeet K. Chattoraj, Mr. Karthik K and Mr. S.K. Sethi.

Insurance Foundation of India
Om Plaza (1st Floor) 430/7, Sant Nagar,
East of Kailash, New Delhi-110065
Phone: +91-11-41324962
Mobile: +91 9818316742
Email: [email protected]
Website: http://www.ifingo.org