® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 Are you sure you are insured? A discussion with Paul May LLB (Hons), MBA, FCII, FCILA, FCLA, DipAIS, ADipC, MCIArb, FIRM, MAE, AIC, FUEDI-ELAE, FCMI, FinstD, FIFAA, Chairman, Concordia Consultancy Ltd Arranged by Amana Takaful Insurance Galadari Hotel, Colombo, Sri Lanka 24 th November, Operating from: London – New York – Colombo – Singapore – Beijing – Cyprus – Barcelona – Antigua – Sydney – Miami – Stockholm 1

® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 INSURANCE IS AN ASYMMETRIC CONTRACT 2 Asymmetric : Not balanced Not regularly arranged on opposite sides irregular · lopsided · unequal · unbalanced Lacking equality, balance, or harmony

® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 ARRANGING AND MAINTAINING THE INSURANCE Identifying the risks and exposures Deciding who is exposed Selecting the cover Choosing the insurer Completing the proposal form Underwriting the risk Implementing protections Advising of changes to risk and circumstances 3

® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 PROPOSAL PROCESS AND FORM 4

Are you sure you are insured? A discussion with Paul May 24 th November, 2015 ® DISCLOSURE OF MATERIAL FACTS TO THE INSURER 5 What are material facts? “When we use the term ‘material facts’, we mean any information that could affect our decision to give you insurance or affect the terms we give you. If you are not sure whether something is a material fact, please tell us anyway.”

® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 INFORMATION PROVIDED TO INSURERS Process of transfer and sharing of information Proposal form Clarifications in writing Photos and video Business continuity and recovery Key personnel Contractual and physical protections 6

® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 OBLIGATIONS UNDER THE POLICY - POLICYHOLDER TO “ACT AS IF UNINSURED” AND COMPLY WITH MANY SPECIFIC AND IMPLIED CONDITIONS : Alarm & Security Waste Hot Works No Smoking Insure for adequate values to replace Disclosure 7

Are you sure you are insured? A discussion with Paul May 24 th November, 2015 OBLIGATIONS UNDER THE POLICY - INSURER TO INDEMNIFY POLICYHOLDER ALSO SHOULD : CONTRIBUTE TO RISK ASSESSMENT AND MITIGATION PROVIDE EXPERTISE TO RECOVER FROM A LOSS SUPPORT WITH CASH PAYMENTS ON ACCOUNT ASSIST IN RECOVERING UNINSURED LOSS GIVE CONFIDENCE TO BANKS AND INVESTORS IMPLEMENT POST-LOSS IMPROVEMENTS 8

® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 QUESTIONS ??? 9

® Are you sure you are insured? A discussion with Paul May 24 th November, 2015 Are you sure you are insured? A discussion with Paul May LLB (Hons), MBA, FCII, FCILA, FCLA, DipAIS, ADipC, MCIArb, FIRM, MAE, AIC, FUEDI-ELAE, FCMI, FinstD, FIFAA, Chairman, Concordia Consultancy Ltd Arranged by Amana Takaful Insurance Galadari Hotel, Colombo, Sri Lanka 24 th November, Operating from: London – New York – Colombo – Singapore – Beijing – Cyprus – Barcelona – Antigua – Sydney – Miami – Stockholm 10