EXECUTIVE INSURANCE RISK MANAGEMENT CONSULTING
Executives, officers, and business owners must ensure their personal insurance needs are adequately managed. ICA understands that its Clients’ decision makers spend most of their time managing their businesses, and oftentimes do not have enough available time to sufficiently understand their personal lines coverages. ICA’s Executive Insurance Risk Management service assures that their own personal assets, life insurance, disability, and estate planning needs are being properly addressed.
ICA’s analysis and critique of individuals’ personal insurance policies, allow Clients the ability to address their personal risks accordingly. Coupled with an understanding of the insured’s estate planning objectives, disability or other potential ongoing needs, ICA will assist Clients to develop a customized personal risk management and insurance program.
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See Below for How It Works:
We start with a review of all existing life, health and disability insurance policies, any agreements such as Buy Sell Agreements, Key Man Life policies, in conjunction with existing estate planning documents, wills, trusts, annuities, or any alternative funding mechanisms. This will include an analysis of coverage, pricing and adequacy of limits, qualification of brokers and insurance companies, and assurance that clauses in documents properly address life insurance or disability needs and that the language is properly drafted to match the insurance needs.
Then we move on to review existing homeowners, auto and excess or umbrella policies, with emphasis on assuring terms are broadest and coverage adequate in relation to existing real and personal property and any liability exposures. We suggest improvements or alternative programs based on specific gaps or weaknesses in coverage needs based on exposure, as well as alternative programs and insurance companies. We will discuss and recommend appropriate insurance vendors, products, and legal professionals who can work together to compile a thorough personal risk management and estate planning program for you.
Finally, we review of any Group Personal Insurance Programs offered by a Client’s employer.
Provide competitive insurance marketing service for individual insurance policies which, where appropriate, shall include: coverage for complex or difficult risks or items requiring special insurance ie. flood, earthquakes, fine arts, collectibles, luxury items such as yachts, airplanes, etc.
Provide personal policy language review in the event of a first party claim to assure coverage possibilities are maximized, and, if necessary, serve as an expert witness to support any efforts to obtain coverage, and provision of defense and costs.
Evaluate Client’s exposure as a director of not-for-profit organizations, including any such organizations’ director and officers’ liability insurance coverage, and identify any insurance programs available based on a Client’s membership, affiliation or participation in professional, religious or civic organizations.
Identifying and evaluating the Client’s environmental exposures and recommending insurance programs.