Risk and Insurance Management

When a client comes to us with a large new or problematical insurance claim, we fully investigate policy coverage in the first instance to see just what type of insurance has been purchased and how effective it will be to respond to the given loss scenario. We often find that part of the problem being experienced is that coverage is inadequate in terms of scope and range of insurance provided, or that the sums insured are inadequate.

Of course, clients then want to know why the policy they bought doesn’t fit their risk profile or why they are underinsured and where the fault lies. On occasion the fault lies purely with the Insured’s purchasing officer or management but often the situation arises from poor advice given by a broker or even bad underwriting practice by the insurer. In such situations we find ourselves then pursuing the parties at fault to either, rectify cover and achieve a fairer settlement of to recover uninsured losses through legal recourse.

Over the years we have been asked to advise clients how to “fix” their insurance programmes or to work with their brokers to improve coverage and policy wordings to ensure that all potential liabilities are properly measured and suitably insured.

Accord Solution offers regular risk and insurance management services to clients, including:

  • Assistance with selection of a suitable insurance broker and helping to define their service agreement and method and extent of remuneration for services provided.
  • Reviewing local and global insurance programmes and recommending revisions to coverage and wordings to ensure they fit the risk.
  • Carrying out risk management assessments and reporting to boards or shareholders.
  • In particular, identifying business interruption features and assisting in the establishment of appropriate levels of BI insurance.
  • Providing assistance to corporate clients in setting up internal or outsourced risk and insurance management resources.

Case studies

Case Studies