Keyman Insurance – Key to Business Continuity

WORKSHOP DESCRIPTION

SMEs rely primarily on one or two key people to oversee their day-to-day operations.  Keyman or key person insurance can help protect businesses if an individual who is critical to the company dies or becomes permanently disabled. This workshop is designed to provide participants with insight into how Keyman insurance aligns with the requirements under Schedule 1 of the Insurance Act 2018 (as amended), and will explore possible ownership and management structures, together with valuation and risk management techniques.

Learning Outcomes: At the end of the session, participants will be able to:

• Identify how a Keyman Insurance policy with the requirements under Schedule 1 of the Insurance Act 2018 (as amended).
• Identify the different forms of business organisation and their attendant management structures
• Define the concept Keyman insurance differentiate it from insurance products
• Evaluate exposures and recommend suitable Keyman insurance coverage.
• Recommend Keyman to liquidate business debt or fund Buy and Sell agreements.
• Understand the limitations of Keyman Insurance.

Facilitator: Robert Baptiste, BBA (Fin.), MSc. Int’l Fin. Robert is an entrepreneurial business leader with a special interest in financial literacy and its role in economic development. He is passionate about the quality of governance and leadership within local and regional organizations. He holds a Bachelors of Business Administration (Finance and Marketing) with Distinction, from the University of New Brunswick, and an MSc in International Finance from the Arthur Lok Jack Global School of Business, UWI. He is an educator with 20 years’ experience teaching and training locally and internationally. Robert holds the position of Corporate Trainer at a local multi-line insurance group, and is also a member of faculty attached to the Accounting and Finance Department at a leading tertiary-level institution, where he functions as lecturer, corporate training facilitator, second examiner and consultant course writer. He is owner and principal consultant of a strategic business consulting practice.