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Wired West - how best to present your business to an underwriter?

Wired West - how best to present your business to an underwriter?. Lee Hudson – Bristol Branch Manager 21 st March 2006. Presentations matter. Statistics Decision makers Careful Information is king Handwritten or typed? Lower premiums Wider cover. On the lookout for.

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Wired West - how best to present your business to an underwriter?

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  1. Wired West - how best to present your business to an underwriter? Lee Hudson – Bristol Branch Manager 21st March 2006

  2. Presentations matter. • Statistics • Decision makers • Careful • Information is king • Handwritten or typed? • Lower premiums • Wider cover

  3. On the lookout for...... Companies that are: Professional Honest Experienced Qualified Well-established Diligent Aware of their limits Keen to take an excess

  4. How do Technology claims arise? • Common areas of claim • Fitness for purpose • Breach of written contract • Lack of stakeholders buy in • Scope creep • ‘Outside the ball park’ • Over enthusiastic sales people • Poor project management (milestones) • Poor control of costs • Poor division of responsibilities

  5. Risk management techniques Internal • Separate sales & technical functions • Avoid the oversell • Clear mandate from all stakeholders • Define the specification tightly • Robust change control • Define project roles • Robust complaints procedure • Sign off sign off sign off • Clear milestones linked to payment

  6. Risk management techniques Contracts • Written contract/ heads of agreement • Warranties • Consequential loss exclusions • Cap on liability

  7. Risk management techniques PI Insurance • Breach of contract cover • Specification • Fitness for purpose • Reasonable care and skill • Negligence • Breach of privacy • Infringement of IP • Civil liability • Access to specialist lawyers

  8. Questions?

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