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https://completemarkets.com/Article/article-post/1629/MANAGING-RISK-A-GUIDE-FOR-YOUR-BUSINESS-CLIENT-PART-1-OF-4/
Managing Risk: A Guide For Your Business Client, Part 1 Of 4
MANAGING RISK: A GUIDE FOR YOUR BUSINESS CLIENT Part 1 of 4 WHY RI...for the purchase of insurance-although usually through different markets. The...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/1629/MANAGING-RISK-A-GUIDE-FOR-YOUR-BUSINESS-CLIENT-PART-1-OF-4/
... Many potentially catastrophic risks are unwittingly assumed through ignorance in various ways, including: Failure to recognize an unusual property peril, such as snow loads on a roof Inability to identify a hazardous condition, such as loss of business income or costs associated with setting up a temporary location Ignorance of policy exclusions or mandatory conditions-for example, exclusions for damage to property in your custody or a requirement to report all occurrences that might lead to a claim Reducing costs means reducing the total of all risk-management costs-not just insurance premiums. More details for approaching ... , their proper handling is a management responsibility. Risk managers don't adjust claims but monitor those who do. They should: Investigate to see that legitimate claims are paid promptly and efficiently-and conversely, that questionable claims are resisted effectively. Follow reserves to see that they're not excessive and that they're removed from the record immediately after final payment. Check claims-adjusting personnel for adequate training, experience, and exercise of good judgment. Ensure that subrogation (recovery) procedures against outside parties are being efficiently pursued. Record Keeping. The risk manager's basic ... management decisions On larger properties, building layouts showing fire separations Files of correspondence and telephone calls concerning coverage and other important subjects Creation of Risk Management Manuals. Firms with many locations may want a book of instructions on how to handle claims, details on use of personal autos, how to report values, what to do about insurance inspectors, and so forth. Communications. Risk managers must let their superior know what they're doing and why-usually by means of a regular formal report. They must also communicate to others in the organization and ...