RISK MANAGEMENT AND INSURANCE COVERAGE ANALYSIS
ICA excels at providing comprehensive insurance program audits following an evaluation of a Client’s exposure to loss and specific insurance coverage needs. This audit encompasses many steps. it evaluates all insurance policies in place including when available the documents that led to the issuance of the insurance policy i.e. proposals, binders, all forms and endorsements including exclusions etc. It advises whether the coverage sufficiently protects the Client’s exposures, and it assures invoices and rates are accurately applied.
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See Below for How It Works:
The risk management program includes an audit which 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.
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 benchmark for the optimal risk transfer of costs to the Client or insurance provider.
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 as a result of 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.
As a result of ICA’s findings and recommendations in the insurance policy audits, Client may also engage ICA to communicate with its broker and or insurance carrier to effectuate or negotiate these changes or corrections to their insurance policy.
A review of the Client’s deductibles, retentions, or other program costs will also be reviewed. This review will measure the effectiveness of Client’s costs against existing insurance claims as well as benchmark for the optimal risk transfer of costs to 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 for the above to effectuate in house changes or outsourced solutions.
Evaluate the current Directors & Officers insurance policy to address with Client any inconsistencies found by ICA 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.
Identifying and evaluating the Client’s environmental exposures and recommending insurance programs.