Insurance Program Review
As part of our Insurance Program Review services, Pinnacle identifies and evaluates your organization’s overall exposure to fortuitous loss. Once identified and analyzed, Pinnacle reviews your in-force business risk insurance program to determine its efficiency in design, adequacy in regard to coverage terms and limits, competitive premiums charged in relation to the exposures inherent within your organization and past loss experience, and overall effectiveness. The financial stability of the insurers providing your coverage will also be reviewed.
As gaps and/or inconsistencies are identified. Pinnacle will make recommendations that will allow you to amend your insurance program to provide for greater balance sheet protection. If an alternative approach appears to be more appropriate for your situation, Pinnacle will set forth a conceptual design and formulate an effective strategy for implementation.
Companies are dynamic and as they enter into new businesses or develop new products and services, their risk profile changes. At the same time, the plaintiff’s bar is continuously creating new theories of liability, which the courts more often support. In addition, the insurance marketplace is ever-changing in regard to coverage, cost and services being offered by insurers.
Because of these changes, an insurance risk management program should be reviewed regularly to determine if the program continues to meet a company’s changing risk profile. Pinnacle believes that an independent third-party review of your insurance risk management program will serve to identify gaps and/or inconsistencies in the overall program, or validate that the program in place is both adequate and appropriate for your organization’s present-day risk profile.