Services
Evaluation of Risk and Insurance Programs
This practice concentrates on providing on-going advisory services, including review, design, provider evaluation and negotiation on behalf of our clients. We raise material coverage issues that otherwise would have remained unaddressed, broadening coverage and avoiding coverage disputes after losses.
Clients earn better than market condition results while still improving or maintaining coverage through our efforts. Our firm's involvement adds credibility that enhances market participation. Providers know that their proposal will be evaluated accurately and fairly.
Business owners and boards understand how important risk management is to their organization. Having an additional set of objective and expert eyes on risk and insurance issues delivers heightened performance.
Clients receive assurance that their risk management program is up to current standards and that best practices are being followed. The scope of services involved with a Program Audit typically includes such matters as:
- Identification, prioritization and quantification of exposure to loss. This step typically involves onsite meetings with key personnel to discuss operations, review of pertinent business contracts, and evaluation of prior loss experience.
- Program review to identify potential duplication or gaps in coverage.
- Evaluation of the appropriateness of coverage limits.
- Confirmation of reasonableness of pricing and retentions.
- Recommendations for improvement on current insurance and risk financing program and/or improvement of risk management policies and procedures.
- Preparation of education material for senior management on findings and overall program design.
Pre-Trial Consultation - Expert Witness Testimony
RiskTech has substantial experience, having served as pre-trial consultants and/or expert witnesses in over 250 property and liability cases in State and Federal Court. Our extensive, practical experience working with clients on complex risk management, insurance and claim issues enables us to be an extremely valuable resource to attorneys in planning and implementing their litigation strategies.
We are engaged by both defense and plaintiff counsel. Testimony has been provided for and against insurance companies, insurance agencies, insureds, and claimants.
Numerous attorney references are available upon request.
Risk Management Consultation
RiskTech provides outsourced risk management services for those companies in need of heightened risk management but usually not sizeable enough to have their own risk management department. Our mission is to enhance your firm's shareholder equity through operational resiliency to risk.
RiskTech is skilled in identification and evaluation of risk, recommendations of various methods of handling and financing risk, and on-going monitoring of implemented plans. Services include but are not limited to:
- Auditing of current risk management and property & liability insurance programs
- Analysis of experience modification and recommendations to improve factors affecting that calculation, including accident/claim management
- Analysis of upstream and downstream insurance-related contractual risk transfer issues and opportunities, and design of detailed risk transfer specifications, including leases, subcontract agreements, MSAs, and the like
- Assistance with review of internal risk management administrative functions
Design of Insurance Request For Proposal ("RFP")
RiskTech, Inc. does not sell insurance. Design of an RFP includes but is not limited to assistance with:
- Preparation of customized property and liability insurance coverage and service specifications based upon individual client needs
- Identification of potential insurance broker participants
- Evaluation of responsiveness of each to the RFP & demonstrated capabilities
- Evaluation of recommended insurance companies and coverages and risk reduction services
- Fee negotiation
Due Diligence
Our insurance due diligence services support different stages of the lending, acquisition or ownership process.
Transactional - We bridge the legal environment and the insurance and risk financing insurance needs during the acquisition or pre-development process.
Ongoing - We serve as a resource to independently monitor insurance or alternative risk financing programs, identifying deficiencies and helping resolve them before situations get out of control.
Merger and Acquisition - RiskTech assists with review and evaluation of potential mergers and acquisitions. This includes such services as verification of risk and insurance-related data provided by seller and analysis of issues as may pertain to the projected cash flow.
Compliance Review - Through customized audits, we evaluate a project's current insurance protection and document an insurance program's compliance against requirements contained in executed agreements. We identify deficiencies and prioritize actions that restore protection.
Strategic Counsel and Risk Management Support
Clients receive on-call, flexible support from knowledgeable and experienced risk management professionals. Specific services may include:
- Risk assessment related to new operations
- Report for Board and executive management
- Contract and business agreement analysis
- Annual policy and endorsement review
- Verification of accuracy of program agreements and premium adjustments.
