- Provision of Full Broking Services to the clients.
- Review and Report on Current Policy Documents:
We review existing policy wordings with an objective of eliminating gaps in coverage and improving coverage and terms, without dismantling the basic layout of the policy.
- Design Policy Wording:
We design specific policy wordings Menu, scripted on a tailor made basis to cover the specific requirements of our clients.
- Re-market the Insurance Program to ensure rates/terms are “in-line” with the market.
- Bid Tender Preparation:
We prepare bid and tender document.
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Review and Recommendations on Quotations and Terms Received from Insurance market :
Once we have received quotation / terms From the requested insurers an evaluation is prepared with a focus on:
- Cost of Coverage.
- The standard of coverage provided.
- The ability of the insurers to provide the level of services and commitment as required by our clients.
A quantitative and subjective analysis is prepared and two or three of the Insurance Companies are selected for further discussions about their offers and pricing. Once this activity is completed a final report is prepared for the client’s management with the recommendations as with whom the insurance coverage should be placed with.
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Review The Policy Documents:
Once the negotiation process is complete and all the placement of coverage has been given, we review the successful bidder’s cover notes to make sure that they comply with the bid procedure. We also check the security indicated by the successful bidder to ensure that this is correct and adequate. Once the policy documents are received we review and approve these before the premium is paid. Provision of specific advice on policy coverage highlighting potential impact of, policy exclusions, coverage gaps and deductibles.
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Preparation of Register of Insurance:
Insurance Manual is prepared outlining our duties as well a policy digest manual is prepared. The policy digest contains a brief description of each insurance policy.
Summary includes limits, synopsis of cover, terms and conditions, deductibles and other important information, which may be unique to any particular coverage.
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Ongoing Services:
Any change in the insurance coverage during the course of the insurance Year is reviewed and approved by us, e.g., billing, assistance and advice on insurance and indemnity language in contracts, to advice on change in market trend, covers available etc.
- Provision of responses to requests for information promptly and at least within any time frame agreed.
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Ensuring agreements of coverage amendments, endorsements and program developments during the insurance year, particularly in respect of acquisitions, divestment and new activities.
- Attendance at all meetings with Insurers in support of our clients as and when it is required.
- To provide a dedicated, identified team to support the account and provide the Services Identified / Agreed.
- Claims Administration:
We assist our clients in the investigations of all losses and claims and the processing and negotiation of all claims, as and when it is required.
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Liaison with the Insured :
We ensure that full consultation takes place with the Insured in respect of all significant developments including, but not restricted to proposed changes, additions or alterations to the local insurance program.
- Assist in developing Renewal / Market Strategies :
- Prior to each policy renewal we prepare a market report indicating what can be expected in terms of pricing and coverage on the forth coming renewal based on our experience in the market and the actual losses incurred by the insured.
- Timely presentation of options for renewal, terms and conditions to the Insured.
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