RISK MANAGEMENT CONSULTING - comprehensive service
Through our Risk Management Consulting Service, ICA strives to minimize the Client’s risk of financial loss by designing a risk management program to meet the Client’s risk management goals.
For more information about this service, fill out our contact form .
See Below for How It Works:
The risk management or insurance program audit will comprehensively define your exposure and current in-place protection. ICA will recommend modifications to current insurance coverage or additional coverage for previously uncovered risks. The result will be a balanced, cost-effective insurance portfolio, matching coverage level with risk.
For each policy, this insurance policy audit presented to the Client only, points out in a detailed report areas of potential coverage augmentation as well as any errors in the policy resulting from conflicts in language. This audit report compares and contrasts existing language versus improved language available in the marketplace. Furthermore, it recommends improvements to protect against uncovered exposures that may have been found in the risk analysis.
Analyze existing or potential Client agreements with any third party that includes vendors and contractors, landlords and tenants etc to identify those risks passed to the Client. ICA will provide language to the Client and its counsel to minimize the risk to Client wherever possible. If a Certificate of Insurance Program is warranted, ICA will assist Client In the implementation and management or provide the resources as needed.
Customizing the Client’s risk management program and leveraging the global insurance markets to provide the Client with the strongest and most economical placement.
Proposals are requested from insurers, through brokers, program managers, association programs, risk retention groups, or direct providers, which must respond specifically to ICA’s specifications. Proposals must be accompanied by the specific policy forms being offered, any endorsements, terms, or exceptions to ICA’s specifications. ICA then reviews and compares all proposals for coverage quality, applicability of endorsements, and comparison of premium, to determine which quotations most closely match the terms of the specifications and the needs of the Client at the best price offered.
A review of the Client’s deductibles, retentions, or other program costs will be made to measure the effectiveness of Client’s cost against insurance claims as well as recommend the optimal risk transfer of costs to the Client or insurance provider.
Analyze insurance company loss control and prevention recommendations to determine if appropriate and reasonable in cost to achieve the reduction in size or frequency of Client’s claims. Collaborate with the Client to identify alternatives and select the most cost effective solutions.
Review the Risk Management Department’s structure and needs to determine what personnel are needed to achieve the organization’s risk management goals. Provide a customized solution to the Client to accomplish the in-house changes or outsourced solutions.
Evaluate the current Directors & Officers Insurance policy to protect Client from potential risk arising from changing regulatory landscape.
Evaluate the current Directors & Officers insurance policy to address with Client any inconsistencies ICA finds in their corporate bylaws as opposed to the state statutes that may limit their insurance coverage or recovery.
A thorough insurance audit of the policy may reveal missing insurance coverage or clauses that are constantly being updated by insurance companies in a competitive and changing marketplace.
Provide the Client with an analysis of the Transaction Agreement on all matters relating to the insurance and risk management program(s) of the entities or other areas of concern within the Agreement to minimize the risk of financial loss. If opportunities for potential savings or synergies between the entities exist, they will be outlined as well.
Identifying and evaluating the Client’s environmental exposures and recommending insurance programs.