Unit of competency Outline

Date retreived
22/07/2026 10:36 PM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Provide specialist business interruption loss adjusting advice and services

Provide specialist business interruption loss adjusting advice and services

Unit of competency
National Code
FNSILA507
State Code
OCZ50
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
081103 - Insurance And Actuarial Studies
Original Release Date
22/04/2021
Nominal Hours
65
Description
This unit describes the skills and knowledge required to select techniques and provide appropriate advice and services when loss adjusting business interruption claims. It includes determining liability and extent of loss, and loss mitigation and recovery options for business interruption types of insurance loss or damage. The unit applies to individuals working in the loss adjusting sector who use specialised knowledge, analytical skills and techniques to complete their work within organisations of various sizes and across a range of customer bases.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Establish facts and options for loss mitigation
  • 1.1 Collect evidence required to confirm circumstances of loss or damage for business interruption claim
  • 1.2 Identify information deficiencies and obtain additional information from required sources
  • 1.3 Review insurance policy conditions and determine if loss falls within policy coverage
  • 1.4 Identify and evaluate options for loss mitigation relating to claim
2. Analyse facts and determine liability and extent of loss
  • 2.1 Assess collected evidence and information
  • 2.2 Assess validity of loss situation and claim against reported circumstances, available evidence and policy specifications
  • 2.3 Determine extent of liability and loss according to legislative requirements and organisational policies and guidelines
3. Determine options for recovery
  • 3.1 Identify required contributory insurances
  • 3.2 Identify and assess cases for potential subrogation action
4. Communicate with required parties
  • 4.1 Identify the need for specialist assistance
  • 4.2 Convey facts and outcomes to client and other required parties
  • 4.3 Communicate with authorities as required
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State Code National Code Title Type
BGX8 FNS51420 Diploma of Loss Adjusting Qualification