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Policy
Audits & Annual Review
We
start by reviewing all of the client’s insurance policies
and endorsements as currently written.
The review evaluates, as a minimum, the
following aspects of coverage as written:
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Proper Insureds, Interests, Locations
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Limits, Deductibles, Rating Basis and
Classification
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Audit Provisions
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Coverage Parts, Insuring Agreements,
Exclusions and Conditions
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Insurance Company
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Coverage Enhancements
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Evaluations
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Loss Settlement Provision
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Endorsements
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Premiums
The
review of the above information would naturally lead us to the
second phase of our review.
This phase involves a qualitative analysis of the
client’s coverage. Coverage
would be reviewed by comparing it with several resources which
we use to evaluate the adequacy and the availability of
coverage. These
sources might include some or all of the following:
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Insurance Checklists
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Coverages Applicable
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PCS History Library
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PCS Review and Evaluation Sessions
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Denied Claims
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International Risk Management Institute
Publications
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PCS experience with similar institutions
Our
review is intended to relate current coverage with the
client’s exposure to loss as determined by our Risk
Management & Inspection analysis and various other
sources, We would
then judge whether transferring these exposures to an
insurance company is an efficient technique of handling risk.
In many cases, we find that there are alternative
methods of handling exposures that may be more cost effective
than the insurance mechanism.
These techniques would also aid in protecting the
client’s insurance limits.
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