Calendar of Events

Introduction to the US Insurance Market

Description:

This introductory course is directed to brokers and underwriters in the early stages of their career. The purpose is to give an overview of the scope of the US marketplace, the regulatory scheme governing the industry and the US tort system. An overview is presented on the marketing systems in the US including the role of the London Market.

Course Objectives:

An overview of the U.S. insurance industry

• The benefits of the U.S. insurance industry the US economy
• United States Governance and Jurisdiction
  • Federal
  • State
  • NAIC
• Introduction to U.S. Insurance Market Structure
  • U.S. Insurance Market distributions system
  • Legal organization
  • Marketing System
    • Direct Marketing
    • Agent representation
    • Wholesale vs. Retail
  • Underwriting
  • Claims
• Non-admitted vs admitted regulatory issues
  • State requirements for E&S insurers
  • Financial requirements
  • Filing
  • Licensing
  • Licensing requirements for E&S brokers
  • Difference in E and S markets and residual markets
  • Benefits of a Stamping Office
• Features of US Civil Law
  • Function of U.S. Civil Courts
  • Basis of civil actions
  • Comparative and contributory negligence
  • Jury trial
  • Contingent fees and class actions
  • Punitive damages
  • Bad Faith Claims against Insurers
  • Tort Reform
• Introduction to US Property insurance market
  • Standard forms
    • Building and Personal Property
    • Business Interruption
    • Crime
    • Inland Marine
  • Equipment Breakdown
  • Regional differences
  • Rating bureaus
• Introduction to US Casualty insurance market
  • Standard forms
    • CGL occurrence made
    • CGL claims made
    • Liquor Liability
    • Executive Liability
    • Pollution
  • Regional exposure difference

Course Format:

The program combines lecture with interactive discussion, workshop activities.

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