Description

“Who bears the ultimate responsibility for an unsuccessful insurance claim: the assured or his agent – the broker?”

“What is wrong with insurance?”

“Nothing… As long as you need it … as long as you understand the terms of the policy…as long as you can afford to keep paying the premiums…as long as you have read the small prints. It is like any other product, Buyer beware.”

“Now you are worrying me.”

“If it is any consolation, I would have felt exactly the same about selling lottery tickets.” (A conversation between an ex-insurance practitioner and now detective and his friend in The Breaker by Minette Walters)

The above is not far from reflecting truly how insurance is perceived by many. Insurance brokers are expected to work with their client assured and the insurers, and help the former to understand as best as possible what their insurance contract covers and what it does not. Nevertheless, human errors are part of how insurance business is conducted. Where the broker’s error has caused the assured’s loss, which is either wholly or partially losing the insurance indemnity, the broker will be the person ultimately liable for it. In this seminar I will go through the role of the insurance brokers, the significance of their observance of reasonable skill and care in performing their duties, and the consequences of breaching such duties.

This event is part of CML’s Researchers Lunch Workshops.

For more information, please e-mail cml@nus.edu.sg