Municipalities and Public Sector Organizations
Protecting the organizational health of public entities is critical to the support of key services across the United States. Whether it is national or international organizations that rely on ICA’s niche services, ICA’s expertise and experience address the institutional and independent risk management needs according to the Client’s prioritized business objectives.
Decision makers in the public sector should consider performing a thorough risk assessment of its bylaws and indemnification agreements to spot any discrepancies between the verbiage of its bylaws and its management liability insurance policies, which could prevent full insurance coverage from being available to management in the event of a lawsuit. By addressing the specific obligations in the public entity’s indemnification agreements, ICA’s Clients are able to amend these indemnification agreements and their insurance policies to better protect themselves, even if the individual or various parties of that entity were to become plaintiffs against the public entity, which could result in unintended and significant costs to the organization. ICA’s services address the specific risk management needs of the different organizations in the public sector, and those needs have been met with a history of success.
In one case, a globally known organization retained ICA for expert advice and insight into designing insurance specifications regarding a new building project, which included obtaining the most appropriate financial backstop strategies. In another case, a state-wide association relied on ICA to help them understand and choose the best options available for transferring their risks associated with vehicles to which they were previously underinsured or uninsured. Another Client engagement entailed performing a risk assessment of the organization, including the public entity’s bylaws and indemnification agreements to spot any discrepancies between the verbiage of its bylaws and its insurance policies, which upon discovery would have prevented full insurance coverage from being available in the event of legal action against the entity. By addressing the specific obligations in the institution’s indemnification agreements, the Client was able to amend these documents to better protect itself. ICA’s Risk Management Program Marketing service addresses the above.
ICA’s public entity services focus on managing the total cost of risk with pre-established budget parameters and include recommendations for loss mitigation, loss control and contract review to identify the insurable exposures that face the public entity. ICA’s depth of resources allows a comprehensive approach from both a first-party and a third-party risk transfer perspective.
ICA’s results achieved for public sector entities include deploying the best practices in providing comprehensive risk management to achieve insurance coverage enhancements, which include benchmarking policy limits, deductibles and recommending strategies for implementing contractual risk transfer, while working with the public organization’s Risk Management and legal counsel. Other available services involve helping these organizations improve the fitness and holistic well-being of the entity and their staff. ICA’s Enterprise Risk Management Services addresses the above.
Contact ICA for a comprehensive list of client references.