11762 version 4 Page 1 of 3 Provide information to purchasers regarding the availability of finance and insurance Level 3 Credits 4 Purpose People credited with this unit standard are able to identify and quantify purchasers' finance and insurance requirements, and inform purchasers how to obtain finance and insurance. Subfield Boating Industries Domain Marine Sales and Services Status Registered Status date 27 August 1997 Date version published 20 March 2009 Planned review date 31 December 2012 Entry information Open. Accreditation Evaluation of documentation and visit by NZQA and industry. Standard setting body (SSB) Boating Industry Training Organisation Accreditation and Moderation Action Plan (AMAP) reference 0136 This AMAP can be accessed at http://www.nzqa.govt.nz/framework/search/index.do. Special notes 1 The following apply to the performance of all elements of this unit standard: a No activities associated with this unit standard are to constitute the practice of law, insurance sales or insurance brokerage; b All work practices must meet documented company quality management requirements. These include documentation of activities, events, and decisions; c All communications made in relation to this unit standard must be made in accordance with company procedures for content, recipient, timing, and method; d All activities must comply with any policies, procedures, and requirements of the organisation/s involved; the ethical codes of relevant professional bodies; and any relevant legislative and/or regulatory requirements, including the Fair Trading Act 1986, the Credit Contracts and Consumer Finance Act 2003, the Consumer Guarantees Act 1993, and subsequent and delegated legislation. New Zealand Qualifications Authority 2016 11762 version 4 Page 2 of 3 insurance products – off-shore insurance, racing insurance, all risks insurance, business-related insurance. 2 Range 3 This unit standard can be assessed off job. Elements and performance criteria Element 1 Identify and quantify purchasers' finance and insurance requirements. Performance criteria 1.1 Comparisons of available information regarding purchasers’ financial resources with the financial requirements of the proposed transaction enable the purchasers’ financial requirements to be quantified. 1.2 Assessment of risks to boats, and their associated systems and equipment enables the potential impact of risks to be identified in terms of insurance products. Range 1.3 risks – theft, criminal and malicious behaviour, negligence, fire, storm, leakage, malfunction, third party liability. Purchasers are directed to contact finance and insurance professionals, without specific and unauthorised endorsement, for specialist advice on their finance and insurance requirements. Element 2 Inform purchasers how to obtain finance and insurance. Range information only – sources of insurance and non-vendor finance; information and assistance – vendor finance. Performance criteria 2.1 Possible sources of finance are identified and discussed with purchasers in terms of their respective features. Range 2.2 sources – banks, finance companies, insurance companies, vendor finance, private finance; features – rates, terms, lending criteria. Possible sources of insurance are identified and discussed with purchasers in terms of their respective features. Range features – premiums, amount of cover, terms, risks covered, excess. New Zealand Qualifications Authority 2016 11762 version 4 Page 3 of 3 2.3 Purchasers are directed to contact finance, insurance, legal, and accountancy professionals, without specific and unauthorised endorsement, for specialist advice on appropriate finance and insurance. 2.4 Vendor financing arrangements are actioned in accordance with company procedures and legal requirements. Range legal requirements – Credit Contracts and Consumer Finance Act 2003, Fair Trading Act 1986, Consumer Guarantees Act 1993. Please note Providers must be accredited by NZQA, or an inter-institutional body with delegated authority for quality assurance, before they can report credits from assessment against unit standards or deliver courses of study leading to that assessment. Industry Training Organisations must be accredited by NZQA before they can register credits from assessment against unit standards. Accredited providers and Industry Training Organisations assessing against unit standards must engage with the moderation system that applies to those standards. Accreditation requirements and an outline of the moderation system that applies to this standard are outlined in the Accreditation and Moderation Action Plan (AMAP). The AMAP also includes useful information about special requirements for organisations wishing to develop education and training programmes, such as minimum qualifications for tutors and assessors, and special resource requirements. Comments on this unit standard Please contact the Boating Industry Training Organisation training@bia.org.nz if you wish to suggest changes to the content of this unit standard. New Zealand Qualifications Authority 2016