What we have learned over the years is that no one personally checks or reviews their insurance policies after renewal to INSPECT WHAT THEY EXPECT from their insurance broker. With the best of intentions, they prudently ask their broker to put in place the most comprehensive policies at the lowest premium, and their relationship broker does the best they can with the resources they have.
Depending on coverage part or risk class, this process unknowingly contains thousands of variables that leave clients vulnerable and exposed.
For this reason, we developed a revolutionary process that drives value and integrity in the risk management process: integRISK.
In 2018, our team results have produced the following metrics.
A law firm had us perform diligence on their Lawyers Professional program. This firm had completed an application the previous four years, documenting that 60% of their revenue came from Temporary or Of Counsel. While their broker had communicated a specialization in law firms, we found they had several significant risk factors, including an exclusion for Temporary and Of Counsel.
A mold remediation contractor, engaged us to help him understand his policies and reduce his overall premiums. We performed diligence and found several issues. He had expressed he was very happy with his current brokers service and was not looking to make a change until our diligence team found that his General Liability, Pollution Liability, and Professional Liability policies all excluded Mold.
A multi-state services contractor had multiple policies so they could maximize their premiums. During diligence we discovered only one of the auto policies was listed on the schedule of underlying limits on the umbrella, so only 25% of their fleet was covered. After taking over the policies and fixing the errors, three years later one of their drivers crossed the center line, killing a 42-year old woman.
An equipment manufacturer with over 100,000 square feet spread across four buildings assumed they were covered by a policy from one of the largest bank-owned brokerage firms. When we completed diligence, we found the proposal given by the agency had all four buildings listed, but the policies covering the buildings only had three insured.