Key Risk Management Questions for COVID-19

Organizations have put their trust in ICA for over 60 years because ICA services only the insurance buyer.

Questions that You should be asking to prepare yourself and your organization from a risk management perspective under these unprecedented times:

1 Under your Property policy (for business interruption purposes), should I now be filing a claim and what coverage may be available?

2. Under various other insurance policies in place (such as General Liability, Workers Compensation, Directors and Officers Liability, Pollution Liability), what is my exposure and is there coverage provided

3. From a Cashflow standpoint, will I have latitude with my Insurers to amend my insurance rating exposures such as; Property values, estimated annual Payrolls or Revenues?

4. What internal controls and protocols to manage my risk should I now deploy to not only comply with the CDC standards, but additionally to enhance my claim mitigation strategy?

5. Are there means to defer or postpone my Premium payments to my Insurer?

6. In the current insurance market, can I endorse my policy to expand coverage or can I purchase new insurance coverage now to address these pandemic exposures and losses?

7. Given numerous jurisdictional mandates at the State level involving limited access to premises or otherwise forcing facility closures, from an insurance standpoint, is this pandemic deemed to be a singular occurrence or multiple occurrences by location?

8. At the Federal level (and following the lead after “9/11” with an insurance recovery back-stop), can we reasonably expect government intervention in the future to otherwise motivate the insurance carriers to honor claims?

Client Testimonials:

“We rely on ICA’s advice with respect to the placement of insurance policies and the transfer of risk to third party service providers. ICA has been instrumental in guiding us through both soft and hard insurance markets”.

“ICA’s services are unique; they’re not selling insurance, they’re protecting their clients and verifying the proper coverage for every possible scenario”.

“We value ICA’s diligence and persistence to ensure that we have the best insurance coverage with the lowest possible premium. Through ICA’s oversight, our risk management program gives us a competitive advantage over other real estate firms. ICA is a step above the rest”.

“I could not have possibly spent the time to review, nor would I have the background to identify the ramifications of the differences between the types of policies. That is why we bring in the experts like ICA to take the burden from us and to assure the answers are clear, correct and comprehensive”.

“ICA partners with our in-house professional staff by offering unbiased insight into the insurance industry, which we could never obtain from a broker. We had reached the determination that ICA is as necessary and valuable as our accounting firm and our legal counsel and we invite them to provide insight into every big risk management decision we make”.

“ICA audited our existing insurance policies, found significant insurance coverage “gaps” and then marketed our renewals and managed to cut our premium, while drastically expanding the coverage provided by the policies”.

Why do Clients choose ICA as their Risk Management consultants?

Because ICA serves ONLY the insurance buyer – ICA’s Client – and is compensated by the insurance buyer ONLY for their time. ICA is NOT an agent or broker and does NOT sell insurance. This unique positioning allows ICA to be objective and stay completely independent from the insurance industry. Therefore, ICA is never faced with a conflict of interest when advocating on the Client’s behalf.

2. ICA’s six decades of experience gives ICA a competitive advantage by providing Clients with methodologies for effectively identifying and transferring risk that outperforms traditional marketplace methods. By providing an outsourced risk management department to the Client, ICA prepares the Client for the many insurance and risk management complexities the Clients’ face.

3. ICA’s service model is designed to educate and train the Client and their staff to best manage their risk management needs. ICA’s experience and expertise provides the Clients significant resources, which includes proprietary and appropriate language for Clients’ insurance policies, when the Clients approach the insurance marketplace for achieving optimal results during the risk transfer process.

If your company pays more than $100,000 in annual insurance premiums, then you would be wise to have an Independent Risk Management Consultant on your team, who never works on a contingency basis nor receives commission from the Insurer. If you are paying that much or more in insurance premiums, the fee paid to an Independent Risk Management Consultant is money well spent.

Clients with ICA as their advocate realize the value of ICA’s professional expertise, especially now in the current “hard” insurance marketplace. Such a value proposition is effectively delivered through ICA’s unbiased risk management expertise, thereby optimizing leverage in today’s market to maximize coverage and minimize price of the Client’s ultimate insurance program placements.

ICA’s specific service platforms and deliverables to achieve the above results on the Client’s behalf include, but are not limited to the following:

Insurance Program Competitive Marketing

2. Policy Audits for the optimization of insurance coverage, while eliminating potential coverage “gaps”.

3. Claims Advocacy in the event of losses.

4. Contract Review for ongoing Risk Identification and Risk Transfer.

Having ICA support your organization as your “out-sourced” professional resource to help guide you through risk transfer and risk financing processes, your “total cost of risk” will be best managed.