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Product Knowledge

PIQDIPCPROD
Price:
$1,252.00 +GST Non-member
$1,148.00 +GST Learning Partner
$1,043.00 +GST IBANZ Member

The following courses are compulsory commercial product knowledge components, including in depth business interruption series, and some additional liability subjects. If these courses have been completed previously they are not required to be repeated.

Allow 30 days for completion of each online short course, and attendance to the workshops when available. Assessment is available on your learning dashboard, by way of brief online quiz or short written answers.


Enrolment required                              Enrolment InfoDistance Learning

Learning Units Included

Business Interruption - 6 Workshops

PIQW18

This learning module consists of a series of 6 one hour workshops that look at the components of a business interruption policy in detail.

These interactive workshops will help you relate with the needs of your clients using real world case studies. They will provide you with an understanding of how the needs of clients relate to the arts of the policies and what impact clients actions can have at claims time.

The series will include:

  • Policy fundamentals
  • Gross profit - Key terms calculation methods and examples
  • Insuring Payroll and wages
  • Increased costs vs Additional Increased costs
  • Claims costs
  • Loss of rents
  • Adjustments
  • Other extensions and clauses
  • Claims procedures, preparation and process 


Contract Works - Residential & Small Commercial- Workshop

PIQW2

This course covers both the theory and practice of Contract Works Insurance and provides a broad but detailed overview of the industry and its component parts, players and products.

You will gain a good grounding in how to understand and provide Contract Works Insurance related financial adviser services to clients, and how to select the appropriate Contract Works Insurance products based on the needs of a particular contract.

Part 1: The Contract Works Policy

  • Scope of cover
  • Sublimits
  • Extensions
  • Exclusions
  • Commencement of cover
  • Termination of cover

Part 2: The Contract and the Insured Parties

  •  Who is insured, when and why

Part 3: Sums Insured and Post-Loss Allowances 

  • What does the policy require
  • Contractual requirements

Part 4: Other Covers

  • Principal Supplied Materials

This is a course for: brokers, trainee brokers and assistant brokers, or anyone (and everyone) with an interest in small contract works.

 

Objectives
  • Who is insured, when and why
  • The Contract Works Policy -Scope of cover, Sublimits, Extensions, Exclusions, Commencement of cover, Termination of cover.
  • Understand other covers - Principal Supplied Materials, storage and transit
  • What does the policy require contractually


Contract Works Advanced - Workshop

PIQW15

Contracts works is not an off the shelf product. This workshop will increase your confidence in building cover for  medium to large complex projects. Presented by experienced contract works specialist this is a must for anyone who has clients who manage medium to large construction projects.

Using a case study you will learn about:

  •     how to insure risks associated with the construction contract;
  •     how to protect the builder against some contractual obligations.
  •     How to meet contractor needs
  •     Who should be named in the insurance
  •     What is insured
  •     Who is insured
  •     Storage and transit risk
Objectives
  • Discuss aspects of effective contract works cover with an insurer
  • Discuss aspects of contract works risks with clients


Material Damage - Workshop

PIQW16

 

From the Insuring clauses to the policy extensions, special provisions, terms conditions and exclusions the session will cover all aspects of a Material Damage wording, its benefits and how the coverage is best applied to your client’s needs.

The session will highlight the likes of;

  • The definition of Accidental Damage
  • Major policy extensions which enhance coverage
  • Excess applications
  • Natural Disaster provisions
  • Those exclusions which are not widely understood
  • Settlement options and limitations
  • Material facts/disclosure requirements

The target audience is younger brokers who are entering the “commercial sphere” and are maybe account assistants or handling SME accounts in their own right. 

 

Objectives
  • Discuss policy limitations with clients


Mobile Plant and Machinery

PIQ12

Like many insurance policies, Mobile Plant Machinery Insurance may come in differing forms and with differing names depending on the insurance provider.  Some companies call this Contractors Plant and Machinery Insurance, or simply Mobile Plant Insurance.

Make sure your contracting clients have the right cover, and the correct structure in place to correctly in sure their critical mobile plant and equipment. 

 

Objectives
  • Understand the core cover for mobile palnt and equipment polocies
  • Discuss common policy extensions and exclusions
  • Understand common underwriting considerations
  • Discuss typical policy conditions


Commercial Motor Insurance

TSC2

The Commercial Motor Vehicle (CMV) Insurance module will enable students to:

  • Evaluate CMV insurance policy wordings
  • Discuss CMV Insurance with clients, and
  • Recommend coverage suitable for specific client needs.

The course material includes an in-depth look at the structure and workings of a CMV insurance policy including:

  • Policy schedules
  • Extensions, exclusions and conditions
  • Settling a claim, and
  • Premium options

 

Objectives
  • Gain an understanding of the structure of a commercial motor vehicle policy
  • Learn how to identify commercial motor vehicle policy needs and make recommendations


Professional Indemnity

TSL5

Sometimes known as Professional Risk Liability Insurance, Professional Indemnity (PI) Insurance is offered to protect business people who receive payment for providing advice or performing a service against a claim made by someone who feels that business person has not lived up to their professional obligations.  

The aim of the Professional Indemnity Module is to enable students to discuss this type of insurance with clients and to confidently recommend coverage suitable for those clients.

This module includes the following topics:

  • Overview of professional indemnity insurance,
  • Coverage and limitations of a professional indemnity 
  • Insurance contract,
  • Policy exclusions, conditions and exclusions,
  • Meeting clients’ needs, and
  •  Professional indemnity claim examples.

 

Objectives
  • Recommend appropriate professional indemnity cover to clients
  • Discuss prudent measures to reduce professional indemnity risk.


General Liability

TSL6

General Liability is an important cover for most businesses because it covers them against risks relating to their general business operation.

The aim of the General Liability module is to enable students to be able to discuss this type of insurance with clients and to confidently recommend coverage suitable for those clients. IBANZ's General Liability module will refresh the experienced, and instruct the newcomer, about this aspect of liability insurance.

This module includes the following topics:

  • The different types of general liability insurance
  • Indemnity clause and relevant definitions of words and terms
  • Standard policy exclusions
  • Policy conditions that are relevant to liability insurance
  • Common optional extensions and memoranda that may be available or be applied, and
  • Common automatic coverage extensions.

 

Objectives
  • Learn aspects of the General liability cover
  • Be able to make recommendations about liability covers to clients based on their needs.


Directors and Officers

TSL2

Directors' and Officers' Liability Insurance and Company Reimbursement Insurance is offered to the directors and senior management of companies who are looking for protection from the costs incurred in defending themselves or their company against legal actions and settlements, including claimant costs awarded against directors and officers that arise out of wrongful acts in the management of the company.

IBANZ College's Directors' and Officers' module is designed for insurance brokers who are looking to move into a corporate or commercial insurance role that involves the insuring of company representatives for legal action and settlements against themselves and/or their company; or for insurance representatives who want a refresher course in this area of insurance.

This module covers the following topics:

Overview of Directors' and Officers' Liability Insurance 

  • Insured parties 
  • Basis of cover 
  • Insuring clauses 
  • Policy schedule 
  • Exclusions 
  • Policy conditions 
  • Developments 
  • Case studies 
Objectives
  • Be able to discuss the implications of a directors actions and activities on cover.
  • Understand the parts of a Directors and Officers Policy wording


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