Level 1 Learning Objectives

  • Gaining an understanding of professional lines insurance, the major types of professional lines policies, how they work in "real life" and the general categories of claims they're meant to protect against
  • Understanding the functions of various professionals, such as brokers (retail and wholesale), underwriters, claims analysts, actuaries, risk managers, coverage counsel, defense counsel, reinsurers, third-party administrators, managing general agents and others, within professional lines insurance.
  • Understanding best practices in investigating claims and using the information gained to accurately evaluate the ultimate cost of a claim as well as the various reserving practices and philosophies.
  • Understanding the concept of Duty to Defend and the key aspects of Liability & Causation and understanding Duty, Breach, Proximate Cause and the need for Expert review as a foundation of professional liability claim evaluation.
  • Understanding the impact of Tort Reform and its impact on the insurance industry.
  • Understanding the essential elements of a well-crafted coverage letter, the various components of a well-constructed claim file and the steps that must be taken to minimize the possibility of allegations of bad faith claims handling.
  • Recognizing the roles and responsibilities of each party involved in professional liability claims and analyzing the potential impact on various parties regarding decisions made during the claims resolution process.
  • Assessing the advantages and disadvantages of various forms of ADR and negotiate effectively whether through direct settlement negotiations or during mediation.