D
Re: Applicability of 7.5.5 Preservation of Product in a Service Industry like Insuran
I second Harry's & Colpart's statements.
One other way to think about this: is your 'product' something that can be stored and degrade over time or get damaged from handling? If you answer yes then preservation is applicable, otherwise list it as not applicable (cannot list it as an exclusion, though).
I would ask those who are in the consulting business whether your service contract forms part of your product? How about your invoice, correspondence, minutes of meeting and others?
If you are in the insurance business, your product is insurance. Period. Insurance is an intangible product with no form. Evidence of offer and acceptance together with related conditions are found in the insurance contract and this is a legal 'document'. You can exclude preservation of product and control the other documents - contract, invoice, correspondence, etc through document control procedure and/or practices of your organization.
If you are in the insurance business, your product is insurance. Period. Insurance is an intangible product with no form. Evidence of offer and acceptance together with related conditions are found in the insurance contract and this is a legal 'document'. You can exclude preservation of product and control the other documents - contract, invoice, correspondence, etc through document control procedure and/or practices of your organization.
One other way to think about this: is your 'product' something that can be stored and degrade over time or get damaged from handling? If you answer yes then preservation is applicable, otherwise list it as not applicable (cannot list it as an exclusion, though).