1. The Brokers’ Perspective
Unofficial feedback from several markets

2. 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

3. 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

4. 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

5. 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)

6. 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

7. 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

8. 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.