Our clients are looking for objective resources to detect, document and maintain their insurable risk profile while identifying processes to reduce both short- and long-term risk. This is an interactive process between client’s fiduciaries and current and prospective insurance brokers, agents, and service providers.
Once risk identification is complete, we begin the process to determine what risks should be transferred to an insurance contract. This includes consideration of coverage, premium and self-funding mechanisms. Whether it is a modest deductible increase, or a $250,0000 retention or captive, self-funding should be evaluated thoroughly and wisely. Ultimately, the most accurate and cost-effective transfers must be harvested from the insurance industry and its distribution system of agents and brokers.
A company’s fiduciary should be maintaining several “insurance relationships,” so that he or she can source the best value from the insurance markets. Choosing the right insurance agent or broker is critical. A fiduciary must choose, collaborate, and oversee with great care and extensive thought.
A risk transfer agreement is a contract/agreement between two parties whereby one agrees to indemnify and hold another party harmless for specified actions, inactions, injuries or damages (e.g. an insurance contract or policy).
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