Risk Management Administration
While utilizing any of our risk management administration services, the client will receive ongoing strategic risk management support in order to assure that any risks of financial or organizational losses are minimized. Given the ever-changing organizational structures of our clients, Corporate Risk Consulting, Inc. will always remain willing to assist in any required program modifications in order to assure that our clients’ risk management goals and objectives are met.
The scope of services provided with our risk management administration assistance may include any of the following:
• Managing the Competitive Marketing of Your Risk Management Program: We prepare insurance coverage specifications, work with your existing brokers or in the selection of new brokers, select and assign insurers, present claim history to underwriters in the most favorable manner, analyze and recommend enhancements to proposals received, advise on recommended programs, finalize negotiations, verify the accuracy of coverage documentation supplied by vendors and insurers, and assist with the implementation of the programs as required.
• Insurance Claims Program Review and Support: We review all insurers or third party administrator’s policies and procedures for the management of claims. We will offer recommendations for improving efficiency as it relates to the current claim management design and/or special handling instructions. We can also support the clients’ risk management staff as needed in order to maximize available coverages afforded under their insurance policies.
• Risk and Insurance Program Audit: We evaluate and identify loss exposures, organizational risks, and specific insurance coverage needs. We offer a complete program examination to identify possible duplications or lapses in coverage, an analysis of the suitability of coverage limits, pricing, and retentions, and an evaluation of involved service providers such as brokers, insurers, and third party administrators. We provide a detailed report with our recommendations for improvement on the current risk and insurance programs upon completion of the audit.
• Insurance Policy Collateral Review and Audit: We review all existing collateral arrangements. We will determine what is driving the costs, whether all fees are competitively priced, how collateral requirements are being developed, and what can be done internally and externally to reduce collateral amounts, fees, and negative trends.
• Risk Control and Safety Consulting Services: We conduct a comprehensive review of all existing loss control and safety programs. We provide recommendations for the implementation of new programs in addition to possible modifications to existing programs.
• Environmental Risk Management and Insurance Analysis: We review all existing environmental exposures, in addition to recommending risk transfer techniques and/or insuring options for such exposures.
• Review of Certificate of Insurance Program, Contractual Insurance Clauses, Indemnification Clauses, Lease Requirements, and Hold Harmless Agreements: We assist clients in the review and implementation of such clauses in order to transfer or retain certain risks when feasible. By using such agreements, our clients are able to transfer certain responsibilities and liabilities to others, thus minimizing their risk of losses. We can also implement systems that monitor certificates of insurance from third parties in order to assure that they are in agreement with any such risk transfer contractual obligations.
• Mergers and Acquisitions Risk Management Review: We advise clients on the risk and insurance ramifications pertaining to potential mergers and acquisitions. Items typically reviewed may consist of the transaction agreements, insurance programs, assets, exposures, existing and potential liabilities.
• Risk Management Information Systems (RMIS) Consultation: We evaluate our clients’ current set-up to determine what the optimal risk management information system should be for their organization. Once this is complete, we may also assist with system vendor selection, system implementation, and contractual negotiations.
• Insurance Claim Litigation Support and Consultation: We provide insurance claim litigation consultation services specifically developed for clients who utilize law firms to handle their property and casualty-related claims and issues. Such services include objective expert advice on insurance coverage issues, review of legal bills for accuracy, assistance in the development of litigation strategies, and management of all litigation documentation.
• Temporary Risk Management Replacement Solutions: We provide temporary risk management services specifically tailored to companies experiencing an extended absence of one of their in-house risk management professionals.
• Reports for Executive Management and Board members: We provide custom reports in various formats as needed for our clients.