Risk and Insurance Program Audits

Corporate Risk Consulting, Inc. provides comprehensive risk management and insurance program audits.

Our audit will determine if your organizational assets are adequately protected and if your insurance coverage is competitively priced at fair market cost.  You will receive assurance that your risk and insurance program is up to current standards and that industry best practices are being followed.

A survey of exposures would first identify what factors threaten the personnel and physical assets of the client’s organization in addition to its income stream and profits.  The data from this survey is then utilized to determine whether the risks can be eliminated, transferred or mitigated through the use of contractual agreements, or assumed when feasible and cost-effective.

To accomplish the audit, we will first do an evaluation of loss exposures, loss history, organizational risks, and specific insurance coverage needs.  Items within the client’s current insurance program such as insurance policies, endorsements, forms, exclusions, proposals, and binders are also thoroughly reviewed in conjunction with the survey data to assist in the development of the audit.

For each completed risk management and insurance program audit, a detailed executive report is generated specifying any errors found, policy language recommendations, discrepancies between binder and policies, and recommendations regarding any areas that may require improvement.

Upon completion of the audit, we will work with the insurance company and/or broker to implement any recommendations.

The scope of services with our risk and insurance program audit will typically include the following items:

   •  An evaluation and identification of loss exposures, organizational risks, and specific insurance coverage needs.

   •  A complete program examination to identify possible duplications or lapses in coverage.

   •  The analysis of the suitability of coverage limits, pricing, and retentions.

   •  An evaluation of involved service providers such as brokers, insurers, and third party administrators.

   •  A detailed report with our recommendations for improvement on the current risk and insurance programs.