When we call a prospective client that appears to be an organization that will appreciate the specialized services and knowledge included in our offering, we often hear, “Well you make some really good points, and no we do not believe our broker has equivalent knowledge or is as thorough as Busby-Stone Risk Management”. “But we have been with our broker for so many years we can’t imagine replacing them”. Fair enough, we appreciate long-term relationships. Some of our clients have been with us for decades and reaped the benefits or our increasing knowledge and improved systems and services.
Now, you can have the best of both worlds. We will work along side your current broker of record and develop what we know to be a comprehensive underwriting submission. To be clear, we are listing the benefits you will gain by hiring us.
- Description of Operations – When a client engages us for our Claims Reconciliation Services one of the first things we request and review is their broker’s underwriting submission sent to the insurance company. Rarely if ever do we find a well written description of operations included or attached to the applications. Insurers are able to deny claims for, “material misrepresentation” of the insured’s operations or risks. Had the underwriter received a full disclosure of the operations and risks and based on that information declined to write the policy, they can deny a claim.
- Full disclosure – If you want your underwriter to insure your burning building, send them a photograph. The point is this, when an underwriter is confident they understand the risks they will be exposed too they are more willing to provide: broader coverage, and oftentimes give premium credits that lower your cost of risk.
- Insurance Coverage – We list the policy forms and policy form endorsements to be included in our client’s insurance policy. We are often asked, “How are you able to get these claims paid?” Our secret is we start with a well-crafted insurance policy in the first place. We do not like standardized policy forms. Those policies are created so that lazy insurance agents do not have to learn coverage. They are not created with the intent of providing you better coverage; so don’t believe that line when you hear it.
- Historical Claims – We seek to obtain your organizations loss information for the previous five to ten years. We have a format that we use to present this information in such a way that underwriters are able to fully understand the root causes of the claim and mitigation practices you employed to reduce or eliminate future similar claims.
- Renewal Notebook – Whether we are your broker of record or providing insurance specification services for you and your broker, you will receive our highly regarded, “Renewal Notebook”. Our client’s have participated in the creation of this workbook for the past two decades. Why do our clients enjoy this so much? It is a compilation of all the above services including: Description of Operations your underwriters received, Historical coverage comparisons, Historical Policy Limits, Historical Deductibles and Self-insured Retentions by coverage, Historical claims data, Historical claims services when TPA’s are employed, Historical premiums by coverage, Actuarial studies, Cash-flow analysis, and finally all of the correspondents between ourselves and the insurance underwriters including their terms and conditions or declination letter if they have declined to quote.
If you have not received these comprehensive services from your current broker perhaps it is time to engage us as your broker of record or to sincerely assist your current broker of record to assure you are obtaining the strongest insurance program available.
We are complex risk experts, and our education background and experience has shown, you cannot afford to experiment with the effectiveness of your insurance program.