Is there more to RISK MANAGEMENT than PRAYER?. David Ellison ACII Insurance Account Executive...
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Is there more to RISK MANAGEMENT than PRAYER?
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Transcript of Is there more to RISK MANAGEMENT than PRAYER?. David Ellison ACII Insurance Account Executive...
Is there more to
RISK MANAGEMENT
than
PRAYER?
David Ellison ACIIInsurance Account Executive
Kingdom Bank
• Role of the Risk Manager
• Tools for the Risk Manager
• Risk takers for the Kingdom
Role of the Risk Manager
• To identify and manage the exposure to risk
• Risk averse or Risk taker?
• Holistic risks
Role of the Risk Manager
• Evaluation of Risk
• What is the Likelihood?
• What is the anticipated Severity?
EvaluationLi
kelih
ood
Severity
Tools of the Risk Manager
• Prayer• Insurance• Risk Assessments• Legislation• Leaders and Trustees• Internet
Tools - Insurance
• Wasted premiums!• Effects of under-insurance• Unoccupied premises• Limits of indemnity• Non disclosure
Insurance
Wasted premiums?
• Review of All Risks schedule
• Compliance with policy conditions
Insurance
Under insurance
What is the estimated rebuild of this church?
Insurance
£ 100,000£ 500,000£ 800,000£1,300,000£1,800,000
What is the estimated rebuild of this church?
Insurance
£ 100,000£ 500,000£ 800,000£1,300,000 £1,800,000
What is the estimated rebuild of this church?
Insurance
Rebuild£1.3M
Sum Insured£800,000
69%
31%SELF
INSURED
Insurance
Claim£50,000
£500 excess
Insurer£34,115 £15,885
SELF INSURED
Insurance
Unoccupied propertiesNot attractive to insurers!
Tell a good story
Restricted cover (FLEA)High cost
Policy conditions
Insurance
Limits of indemnity
How long is a piece of string?
Employers LiabilityPublic LiabilityProfessional IndemnityTrustees Indemnity
Insurance
Non disclosure
A Material Fact has been defined as “any fact that may influence the judgement of a prudent insurer in deciding whether to accept a risk and if so, on what terms and conditions and at what premium level.”
Inception Mid Term Renewal
Fireworks
Tools – Risk Assessments
Consider “harmed” as not just injuryEg financial losses to the church
Tools – Legislation
• Guidance
Tools – Internet
• Health & Safety Executive
• Insurers– Ansvar Insurance– Baptist Insurance– Congregational & General (www.spow.co.uk)– Ecclesiastical Insurance– Methodist Insurance
Risk Takers
“……. I hope that we will be adventurous, take more risks and above all, be Kingdom possibility thinkers!”
Rev Lynn GreenGeneral Secretary, BUGB
Is there more to
RISK MANAGEMENT
than
PRAYER?
