FOCUS on Risk Management

Issue

“TRUST” is the most important variable in any relationship, business or personal. With regard to a client’s risk management and business insurance, that “TRUST” relates to acting in a competent manner and in the client’s best interests.

Topics: FOCUS on Risk Management, R&R Insurance, Risk Management, Business Insurance, Construction

Issue

We view our responsibility to “providing a service” to our clients, rather than the “selling of a product”. Providing a service is a 12 month commitment, while selling a product frequently is not a 12 month commitment. Does your current agent/broker view the insurance placement as the end of the process or the beginning of a 12 month commitment?

Topics: FOCUS on Risk Management, R&R Insurance, Risk Management, Resources, Construction

Issue

A formal review is made of the policy period audits (CGL/Auto/WC) to verify the audit variables as accurate and to identify errors/discrepancies. Audit disputes are documented and presented to the carrier for discussion/correction.

Topics: FOCUS on Risk Management, R&R Insurance, Risk Management, Construction

Case Study

Dispute relating to a multi-year retrospective rated program (CGL/Auto/WC). Issues involved errors in the carrier’s claim handling and subrogation efforts that affected client’s experience rating. A 6 month project involved researching multiple policy periods, documenting errors, estimated increased insurance costs attributable to inflated loss ratios, presentation, and negotiation with the carrier.

Topics: FOCUS on Risk Management, R&R Insurance, Risk Management, Claims, Claim Management, Construction

Issue

Utilizing technical knowledge of the variables affecting the EMF to reduce the client’s Experience Modification Factor.

Topics: FOCUS on Risk Management, Risk Management, R&R Insurance Services, Experience MOD, MOD, Construction

Issue

Commission based compensation can create an inherit “conflict of interest” in that agency compensation will increase commensurate with premium increases received by the insured. Also noteworthy is the fact that carriers quotes can vary greatly in terms of the commission percentage. These issues, if not addressed in a professional manner, can result in the insured questioning whether the current broker is working in the insured’s best interests.

Topics: FOCUS on Risk Management, Risk Management, R&R Insurance Services, Construction

Issue

A servicing contractor’s (roofing company) employee while working on the client’s premises falls from an elevated work station. We work with clients to structure their contractual relationship with servicing contractors so that the financial consequences of this accident will remain with the servicing contractor’s insurance program and not affect our client.

Topics: FOCUS on Risk Management, Risk Management, R&R Insurance Services, Construction

Issue

Work with clients to review their subcontractor agreement with respect to the insurance requirements and indemnification language, with the goal to equitably allocate risk between the client and their subcontractors.

Topics: FOCUS on Risk Management, Risk Management, R&R Insurance Services, Construction

Issue

Review, analyze, and respond to contract insurance requirements and indemnification provisions.

Topics: FOCUS on Risk Management, Risk Management, R&R Insurance Services, Construction

Issue

Providing clients with a customized “Contract Review Template” which identifies the various coverage aspects of the clients CGL/Auto/WC/Umbrella.

Topics: FOCUS on Risk Management, Risk Management, R&R Insurance Services, Construction