INSURANCEDUE DILIGENCE
Insurance due diligence is a comprehensive, analytical and strategic review of the risks associated with your organisation and how they transferred to insurers.
It also examines the past current and anticipated claims history to establish whether they have been settled correctly, to establish any pattern and to identify any potential complication before they become a problem.
In our experience it is not just the clients who have benefited from the review but has strengthened the relationship between the client and the broker.
There are five main phases in the insurance due diligence process:
- to build up a comprehensive understanding of the business, its operation, interdependencies
- to understanding both current & future development plans
- to establish the attitude to risk
- to review the claims history
- to compare the current insurance arrangements to findings
- to prepare an independent report
As a result of the comprehensive review, you will have:
- a greater understanding of the risks associated with and surrounding your business.
- the knowledge that the risks you wish to transfer are transferred to insurers.
- an understanding of how insurers will react in the event of a claim
- the knowledge that you are compliant to the terms and conditions of your policy
Insurance due diligence is an important tool within the risk management process in identifying risks, mitigating their impact and transferring to insurers.
We are a wholly independent consultancy with no affiliation to insurers or brokers and therefore the information we provide to you is unbiased. We have over 25 years experience working in the commercial insurance and risk management industry in the UK and overseas.
Contact us now and find out how we can help you plan to continue for when the unexpected happens