Municipalities and Public Sector Organizations
Protecting the organizational health of public entities is critical to the support of key services across The United States. From 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 an assisted and thorough risk assessment of its bylaws and indemnification agreements to spot any discrepancies between the verbiage of its bylaws and its policies, which could prevent full coverage from being available in the event of suit. By addressing the specific obligations in the institution’s indemnification agreements, ICA’s clients are able to amend 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. ICA’s turn-key Concierge Services are designed to be at the ready for achieving the specific risk management needs of the different organizations in the public sector, and those needs are met with a history of success.
In one case, a globally known organization utilized ICA for expert advice in the management of a new building project and for ICA’s insight into designing specifications for best securing the most appropriate financial backstop strategies. In another case, a state wide association relied on ICA to guide them through best understanding their options available for transferring their risks using vehicles most suited to respond to losses for which they were previously underinsured or uninsured. Another client engagement entailed performing risk assessment of the public entity’s bylaws and indemnification agreements to spot any discrepancies, between the verbiage of its bylaws and its policies, which upon discovery would have prevented full coverage from being available in the event of suit. By addressing the specific obligations in the institution’s indemnification agreements, the client was able to amend its insurance policies to better protect itself, even if in the crippling event that parties of that entity were to become plaintiffs against it, which could have resulted in an unintended and significant cost.
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 coverage enhancements, benchmarking policy limits, deductibles, recommending strategies for implementing contractual risk transfer, and working with the public organization’s counsel. Other available services involve helping these organizations improve the fitness and holistic well-being of the entity and their staff.
Contact ICA for a comprehensive list of client references.