Insurance Risk Management Services
The value of our services continues after the first successful bid. Every year the valuations are updated and insurance coverages are re-bid once every three years. If a premium increase is unreasonable, then the coverage can be re-bid with a minimal amount of effort on the part of the client.
We make it easy for you to streamline this important process. Not only do we relieve the association and the management from the time and effort to prepare the specifications, but we create a more professional product which will generate the best response from the carriers.
Well organized and professional bid specifications generate more responses from agents, thus more competitive bids. There is a separate electronic form contained in the bid specifications for every type of coverage, i.e. General Liability, Property, Directors and Officers etc… We take the data from those forms and are able to generate an easy to understand final report with scores for multiple factors that indicate the quality of the coverage.
Property Replacement Cost Valuation
A property valuation for each building uses developer replacement costs based on local conditions. The valuation is only required once and is then can be updated annually so that the insured value of your property is always accurate.
CC&Rs + By-Laws Review
The current insurance policies will be reviewed for compliance with the insurance requirements of the By-Laws and inconsistencies will be reported to you for either changes to the By-Laws or changes in insurance coverage necessary for compliance.
Analysis and Report
The bids are analyzed electronically with values assigned for coverage questions and all results are weighed to reflect the relationship between premium, conditions and coverage. A written report is provided to the client ranking all the bids with a recommendation of the bid that provides the best combination of cost and coverage.
Policy Bid Compliance (Optional)
When the policies are issued, they can be checked for compliance with the accepted bid. Any discrepancies will be identified and a letter written to the Agent and/or insurance company will advise corrections necessary to comply the with original bid response.