Risk Review

To truly uncover the risks that are hiding in your business, our audit will show you exactly where your liability and exposures to loss exist. You will receive a comprehensive report outlining the best ways to protect yourself. Our reports generally satisfy the requirements of the certified public accountants’ auditing process and provide:

• Comprehensive review of the 1000’s of pages of all insurance policies and programs specifically focusing on the fine print and legal language in the insuring agreement and the conditions, exclusions & limitations
• Report on where hidden exposures exist

Your insurance coverage shouldn’t be like a black box: you pay money in one end and you hope something good comes out the other end, but you really have no idea what’s inside. Isn’t that what an insurance transaction is often like?  See why this is so important: improve coverage

Our reports are detailed, usually 8 to 20 pages in length.  They contain the following areas:

Overview

An opinion on the management of risk and treatment of same, including the effectiveness of existing insurance policies.  This overview will give you a sense whether all is ok, or whether action should be taken to further protect the firm.

Insurance Coverage Detail

We look for gaps and overlaps in insurance policies and provide specific action items in a format where they can be provided to your insurance broker for remediation.  We prioritize the problems in terms of severity, so that action can be taken immediately on the high priority items, and the others can be handled in sequence based on seriousness.

Insurance Company Financial Strength

We provide the ratings of your current insurers by the major ratings agencies, and indicate whether the ratings are secure or are problematic.  In addition to it being a matter of your own security, it is a matter of being in compliance with the insurance warranties in your lender agreements and in your contracts with business partners.

Insurance Broker Service

Based on your prior interractions with your broker, and on the condition of your current insurance program, we will advise whether we believe the service you are receiving is the best available, and whether you should consider a change.

Insurance Cost

The only way to truly, and with certainty, know whether insurance cost is the best it can be, is to conduct a competitive bid of your insurance program.  We will advise, however, based on rules of thumb whether the cost appears to be reasonable.  In any event, a bid may make sense, and we will comment on what such a process would entail, and what the expected results would be.

Summary of trouble spots and areas of concern in the risk management program in general

• loss control programs/efforts in place and working?
• control over claims – payment certainty? — management of the claims process?
• contracts being managed?

Discussions on risk protection strategies

• how to fix the problems discovered, short term, long term
  how to establish a program for going forward

Education is when you read the fine print. Experience is what you get when you don’t. — Pete Seeger