WA Breakfast Seminar
July 24 @ 7:30 am - 9:00 am
| $30.00 – $35.00Join the AICLA WA Division for an educational seminar.
Aaron Mooney and Paul Boylan of McLarens WA will present:
Underinsurance and the Possible/Likely Impacts on a Claim Outcome
The topic will be in two parts, the first being from the two loss adjusters and the second from an insurer on how they look at underinsurance and the implications on their policy holder once it has been raised by the loss adjuster (s). The second presentation will be in early September with details to be confirmed and advised.
Aaron and Paul will provide valuable insights into their knowledge and vast experience in dealing with underinsurance particularly as it is more and more pertinent with escalating building costs combined with increases in premium and an understandable reluctance on the part of policy holders to increase the sum insured, as a result of the already increased premium cost on the existing sum insured. Even if the business interruption insurance (BI) is adequate underinsurance on the material damage (MD) component could very well impact on the BI due to the reduced settlement on the MD.
The joint presentation on both building and contents will also cover what is involved in verifying the adequacy and how this is communicated with the policy holder and explaining the possible ramifications on the clause, if applied. In addition, the differences in verification and the approach between building and contents conscious quantity surveyors are usually reluctant to be involved in contents calculations for a realistic value at risk. The appointment and use of other experts such as valuers and auctioneers in the process will also be covered. Similarly on the BI how this is verified and then discussed including the involvement of the Insured’s own accountant and /or claims preparer. Finally, the reporting to the Insurer.
Aaron Mooney is a Chartered Executive Loss Adjuster at McLarens, specialising in large and complex property claims. With over 15 years of experience, he has handled claims across various sectors, including manufacturing, food production, hospitality, retail, catastrophe response and government infrastructure.
Paul Boylan began his career in 2004, as a Claims Executive for a large Broker in Ireland. He subsequently worked for a major loss adjusting firm in New Zealand, where he managed complex claims arising from the Canterbury earthquakes and led a team of 10 Accountants. Paul then moved to Australia, where he has spent the past 13 years managing large and complex Business Interruption, Stock and Employee Crime claims throughout Australia and the Pacific.