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.
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.
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