The Brokers’ Perspective Unofficial feedback from several markets

Why consider input from brokers? They are the Owner’s representative The Owner uses a broker for their expertise The Owner will expect the broker to advise them To obtain ‘buy in’ from all parties The implications of market systems

Practical Issues - Reserves Expert (surveyors, adjusters, lawyers) reports should always include a reserve and/or comment on why this cannot be given Reserving for all markets is hugely important Perhaps the leader should advise their reserve (include all the ‘add-ons’) Lack of reserves only results in delays in the claims collection process

Practical Issues - Experts Quality of survey reports varies - leaders should agree standards Appoint lawyers with adequate experience for the magnitude of casualty involved Agree duties of experts involved Try to avoid coverage lawyers – resolve issues amicably; involve brokers

Minimising delays in claims collections Minimise the number of decision making parties involved Give decision makers (leaders) widest possible authority and support Followers should follow (agree the information required)

Disputes Disagreements between co-insurers should not prejudice the insured Leader’s fees – these should be transparent with breakdown (extent to be agreed?) Agree a format to avoid inter-market/insurer disagreements

Conclusion If Owners did not value their broker’s input they would not use a broker The Brokers have an International view, not just one market Brokers input is important to the process A more efficient claims service/procedure will benefit brokers as well as insurers

The Brokers’ Perspective They would like to be involved – they feel they are central to the claims process and their involvement can benefit all parties.