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One in every five insurance claims made is fraudulent, according to the Insurance Regulatory Authority (IRA). Some fraud cases involve individuals who have taken loans to buy cars and fake accidents to get funds to pay the loans, to those who take private covers for public service vehicles. Motor assessors and garages also collude to commit fraud, with others, selling vehicles across the border and on the pretense that they have been stolen, worsening an already bad situation.

Insurance Broking Fundamentals training aims to provide knowledge and understanding of the roles and responsibilities of insurance broking organisations, their interaction with insurers and clients, the regulatory environment in which they operate as well as both financial and conduct issues.

Commercial general liability (CGL) and business owners policies cover many of the liability loss exposures arising from the conduct of a business. However, certain occupations, such as physicians and attorneys, have an additional liability loss exposure: the professional liability exposure, which is not covered under these policies. These individuals need separate professional liability insurance to cover their professional liability risk.

There are also other business-related liability risks that fall under the professional liability category and are not covered under general liability policies. These include directors’ and officers’ liability, fiduciary liability, and employment practices liability. Businesses must purchase separate coverage to cover these exposures. In this course, participants will learn about the most common types of professional liability policies written for specific professions and businesses.