Has the form of insurance, i.e. whether Indemnity, Functional Replacement or Full Replacement, been reconsidered?
Are valuations current? (contact valuer) Ideally, updated property valuations should be obtained at least every two years but make sure that it’s supported with adequate inflation provisions for a 24 month period. The maximum time between valuation updates is 3 years.
Business interruption – Has consideration been given to the increased costs that may flow from a loss or damage event?
Is the contents inventory and values up to date? Are unique or high value items values such as organs current (contact valuer).
Is the present cover enough? Are heritage costs included? Have infrastructure values been included?
Have all important items been photographed with photos stored off site?
Have all changes in value, building use/ occupation, alterations, building materials, fire or intruder alarms, new sprinkler installation etc. been notified?
Has all material information been provided e.g. flood prone status?
Have all claims been notified?
In some years, AIB will operate the Deductible Funding Pool (DFP). This occurs when the underwriters agree to provide a discount if we pay our own non-natural disaster losses up to an agreed amount. This effects “self-insurance” and is achieved by AIB retaining an agreed amount of premium (the retention/ deductible) from which losses costs will be paid up to the agreed retention.
Please note that for payments from the pool:
- The Member shall in making an application for a loss use any form of application which the Board may prescribe, and shall provide such information as the Board may reasonably require to enable it to consider the Member’s application.
- The Board will seek the recommendation of a loss adjuster for each application.
- Any losses met from the fund shall be at the discretion of the Board, which shall, act in accordance with the objectives of the Trust and in the interests of all members.
The first year of operation of the DFP was 2009 and here is how it was explained to members.
Please note that the Board established AIB Risk Management Limited in 2024. AIBRML has the considerable advantage of having direct access to reinsurance markets.
Deficiencies List
List any defects, who will fix them, and the time for completion.
Please understand that this checklist is intended as a guide only and should not be used in any other context, or as a replacement for tailored financial advice.
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