ICA excels at providing comprehensive insurance program audits following an evaluation of a client's exposure to loss and specific insurance coverage needs. This audit encompasses many steps. It evaluates all policies insuring a client, including forms, endorsements, exclusions, binders and proposals. It advises whether the coverage sufficiently protects the client's exposures, and it assures invoices and rates are accurately applied.
For each policy, this audit points out in a detailed report an errors of potential coverage augmentation. This report compares and contrasts existing language offers versus improved language available in the marketplace. It suggests improvements to protect uncovered exposures and compares the insurance proposal and insurance binder to the issued policy to assure the policy was accurately issued. Finally, this audit requests the broker or insurance company to make changes or correct errors to satisfy ICA's recommendations.
Whether it be a $1,000 or a $1 million policy premium, the contractual terms of the policy should be evaluated to confirm that the coverage the Client purchased is the optimal coverage available. Due attention is also paid to assure the risk associated with the contractual transfer of the risk to the insurance company is not disproportionate to the policy premium.
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