Once risk is identified, a transfer structure is agreed upon, and simple processes are put in place to lower risk, the fiduciary must continue to partner, collaborate, oversee, and manage service provider performance.
Insurance plans and programs tend to fail when all the responsibility for “insurance value” is “the broker’s job.” They also fail when responsibility falls solely on the client.
The most effective insurance structures are a “marriage” between a wise fiduciary and a proactive agent/broker. When these two entities work together effectively, good things happen concerning insurance cost control and value.
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