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YOUR INDEPENDENT INSURANCE AND RISK MANAGEMENT ADVISOR :::::
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YOUR INDEPENDENT INSURANCE AND RISK MANAGEMENT ADVISOR :::::
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| Self Audit Checklist | |||
| AN INSURANCE AND RISK MANAGEMENT PROGRAM | |||
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If you answer "no" to three or more of the following questions, your corporate insurance and risk management program may need to be reviewed. 1. Do you have an agent/broker competition every 3 years? 2. When having an agent/broker competition do you prepare a formal document that includes the following:
3. When reviewing the proposals after an agent/broker competition do you analyze the terms and conditions offered in a side-by-side comparison? 4. Do you prepare a written service agreement that is reviewed and signed annually by your agent/broker? 5. Do you compensate your agent/broker on a fee basis (in lieu of commission)? 6. Do you have written procedures established for reviewing the certificates of insurance from vendors and subcontractors to ensure compliance with limits of liability, coverages, additional insured wording and financial rating of insurance carrier? 7. Do you review your insurance companies Best's financial rating? 8. Do you keep track of your "Total Cost of Risk" (premium, deductibles, and administrative costs)? 9. Do you have a written risk management philosophy that has been communicated and implemented down the line of authority? 10. Based on your loss history, deductibles, and cost of risk transfer, are your insurance placements economically efficient for your corporation? 11. Do you have access to all your policies, endorsements, and audits for the last 5 years? 12. Is your insurance program organized so that your successor would know exactly where the documents are located? This checklist allows you to verify whether your corporate insurance program is professional, organized, and competitive. It also discloses if your agent is taking your account for granted. If you would like to discuss any of the items above please call Chris Hafey with IAC at 703-433-9140.
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