As part of the annual insurance renewal, VMIA requires information from clients to assist in the preparation of insurance cover and to ensure clients are fully insured and protected.
We kept the process simple again this year, only requiring a selection of clients to complete the annual Insurance Questionnaire.
Many clients have insurance requirements that are relatively stable and do not vary greatly from year to year. Those clients are not be required to complete the IQ. The clients selected will be based on their risk profile and complexity of insurance requirements.
The information collected from these clients, combined with existing data, will provide an accurate view of overall insurance needs.
The changes to the annual process reduce the administrative burden, particularly for those clients whose insurance requirements do not vary greatly from year to year.
In the future, there will be rolling reviews of our data and client involvement will vary year to year.
Clients are encouraged to advise VMIA of any material changes to their risk profile that may impact their insurance requirements.
Clients selected to complete an IQ were advised by risk advisers by phone, with an offer to assist with any queries.
The client Insurance Questionnaire is now closed.