Insurance Risk Managementinfo@bromwall.com
What is Insurance Risk Management?
- – No risk management survey
- – Will your business be properly covered and survive a loss?
- – Do you know how to set the correct sums insured to protect your business financially if you have a loss?
- – Are you aware of the various covers that you should consider when insuring your business?
If you answer NO to any of the above you are at risk of not being properly insured.
It is an essential fact of business life that you may at some point need the support of your insurance policy to ensure that your business survives in the event of a disastrous loss happening. To this end it is essential that the insurance policy that you have in place meets the needs of your business and provides the correct sums insured within that cover.
Once a loss occurs it is too late to amend either the policy wording or the sums insured in place at the date of loss. It is of paramount importance that your insurance policy protects your business and allows you to continue trading following a loss taking place.
We offer an insurance risk management service that will review all aspects of the policy cover that you currently have and comment on those further areas of cover which we feel you should consider taking to provide complete protection for your business. In addition we will also discuss with you the basis of how you set the sums insured for each of the sections of cover such as Plant & Machinery, Buildings, Stock and Business Interruption amongst the many sections identified with your Schedule of Cover.
An explanation will also be given of the requirements and warranties that are applicable to your policy. Many claims are repudiated due to a breach of a warranty of which the insured (you) are completely unaware. A claim may be lost if a warranty is breached despite the fact that the particular breach does not relate in any way to the cause of the loss. It is essential that you understand how any of the requirements and warranties apply to you and your business.
Your insurance policy is your protection in the event of a loss – make sure it responds as you want it to and provided the fullest cover. Take advantage of our insurance risk management service.
Profile of John Elms – Insurance Risk Management Specialist
John’s background extends to a wide range of experience in both Loss Adjusting and Loss Assessing combined with a period spent as a Broker. He has considerable experience in negotiating the settlement of claims with Loss Adjusters acting for Insurers to obtain the best result for the Insured. Additionally, over some 30 years, he has acquired a detailed knowledge relating to the interpretation of policy wordings, warranties, conditions and insurance risk management.
Claims can be declined for what, to you as the Insured, may seem the strangest of reasons. An insurance policy is not the easiest of documents to interpret or fully understand and there may clauses which you do not understand which may affect your ability to claim either in full or in part. It is essential that you receive advice relating to the sums insured being set and the conditions that apply from the date of inception or renewal of your insurance cover. It is possible to prevent, at the time that you take out cover, the possibility of your experiencing problems with any potential claim being paid in full and you need to ensure that you have the correct advice prior to inception of your cover. An insurance risk management report will provide you with the overview required to fully understand the requirements of your policy.
As an independent adviser he can report to you on the detail of the policy being provided, whether the sums insured are correct and how they should be set. He will also be able to identify to you the warranties and requirements that insurers have detailed in your policy wording and schedule to ensure that you have the knowledge to comply with them.
Many insurance policies that he has dealt with have had some deficiency in the cover given. In some cases the effect on a claim is negligible and on occasions not having the correct cover has resulted in substantially reduced settlements or where a policy warranty has been breached the loss of the claim in total.We will be happy to review your current policy and prepare a detailed insurance risk management report for you.