Below is the approach and services we provide to clients to proactively identify and manage their risks and exposures on a retainer or project basis.
EVALUATION OF EXISTING INSURANCE PROGRAM
- Modifying coverage to broaden the range of exposures covered
- Amending limits and deductibles (retentions) to ensure adequate coverage is in place and to optimize savings while ensuring our clients are not absorbing too much loss.
- Verifying that existing exclusions do not limit or restrict coverage that is necessary to address exposures for the company/organization.
- Evaluating the competitiveness of the client’s insurance cost based on the existing marketplace and our in-house client base
TRANSFER OF RISK
From a Risk Management perspective, the analysis of all contracts with risk management and insurance provisions is paramount in developing the best practices for transferring risk to third parties. This starts with us developing a thorough understanding of appropriate indemnification and insurance provisions for each transaction the company may be contemplating. We then provide our clients:
- A detailed review of all agreements on a day-to-day basis to ensure proper shifting of risk under each agreement. This includes limiting exposures to real estate developers, contractors, and/or tenants, that in many agreements include provisions that dramatically increase exposures for the company.
- Sample requirements for many standard agreements including:
- Contractor/subcontractor agreements
- Landlord/tenant agreements, including net leased situations
- Manufacturing, retail and professional services
These requirements offer the broadest protection for our clients from both an indemnification and insurance coverage standpoint.
In order to verify that a program remains comprehensive and competitively priced over time, it is imperative that competitive bidding be completed. This process includes:
- Assembling all of the rating and loss information from the client to provide the most comprehensive, accurate and up-to-date information to the marketplace.
- Developing specifications for each coverage section that addresses the common and unique exposures of each company/organization including options for various limits, deductibles and extensions to secure the optimal combination of coverage and cost
- Assigning markets that offer the highest level of service, cost competitiveness and broadest scope of coverage to brokers who have been mutually selected to maximize the leverage and relationships required for the best results.
- Providing an analysis and comparison across all proposals received to identify the most cost effective and comprehensive program for our clients using spreadsheets to compare salient terms, conditions, extensions and pricing for each proposal reviewed.
- Presenting a recommendation based on our analysis of the proposal offering the best terms, conditions and pricing to our client.
LOSS CONTROL INSPECTIONS AND RECOMMENDATIONS
We provide continuous advice on loss control to prevent and reduce exposure to loss. We require all carriers servicing our clients to provide meaningful and reasonable loss control recommendations after detailed inspections are completed. We review all recommendations and evaluate with our clients the functional utility and cost of all recommendations.
CLAIMS ANALYSIS AND ASSISTANCE
- On an annual basis, we request and review currently valued loss runs for all coverage lines for our clients.
- After reviewing the loss runs, a brief loss summary is provided to depict the overall loss history of the account, which typically spans over a five year period.
- When necessary, we set up quarterly or semi-annual claims meetings in person or via conference call with the appropriate parties, including the client, carrier, broker and adjustor. We do this to ensure that all appropriate steps are being taken in handling claims in order to mitigate loss expenses for both defense and indemnity, which in turn creates a favorable loss history.
- Further, we assist in reporting new claims throughout the year to the appropriate carriers to ensure that losses are reported in a timely manner.
- We request and review acknowledgements as well as position letters from the carriers and advise our clients on the steps that should be taken during the claims process in order to ensure the most favorable outcome from a defense and indemnity standpoint.