Royal & SunAlliance's Property Investor's Unit (PIU) is running a series of training sessions to improve the business acumen of property investors and developers.
One of the sessions will demystify a wide variety of legal minefields, while others will deal with policy cover, legislation and underwriting of policies ranging from directors' and officers' liability to legal liabilities insurance.
Senior technical adviser Malcolm Pickering said: “Although investors and developers are interested in the products and services we provide, they are not full-time insurance experts. The training is designed to show how the policies can make life easier for the policyholder.”
The liability sessions will include the various bodily injury law reforms, which include damages for non-pecuniary loss, changes to the Ogden Tables, liability for psychiatric illness, NHS recoveries and conditional fee arrangements have also spurred on investors to seek training on liability issues.
“In the Liability training session the Royal & SunAlliance tutor will look at underwriting, risk assessment and pricing,” said Pickering.
“The tutor will also look at interpretation of the policy wording so property investors can understand
what a standard policy covers and what it specifically excludes.
“The new Bodily Injury law reforms can impact on liability classes, increasing the costs of claims settlement and the number of claims notified to the insurer.
Conditional fees will also make it financially more attractive for people to pursue a claim as they know they will not be out of pocket if they lose.”