Insurance Risk Assessment

The main part of a well-managed Property risk insurance program includes an informative and well-developed site-specific Property Risk Assessment report.  This provides detailed information necessary for a comprehensive commercial insurance coverage policy.

A Property Risk Assessment not only identifies the possible risk exposures, but also understands the effectiveness of protection that is provided for property and how it can impact the loss potential. 

We can provide both a site specific assessment report and also manage multi-location property risk portfolios. 

One of the emerging key components in a typical property risk insurance program is an in-depth Business Interruption Assessment. It is not uncommon in larger physical damage losses that the business interruption portion of that loss exceeds the physical property insured loss. In some cases, the recovery of the business revenue takes longer than anticipated and the policy indemnity period can be exceeded with the organization needing to fund the remainder of the loss.

We can assess the site-specific Business Interruption (BI) exposures as well as understanding the cascading BI loss potential through the organization.  This can also include an Interdependency and/or CBI exposure analysis. 

As the globe faces a growing climate change crisis, the evolution of global warming is already having an impact on natural hazard events. Wildfire, flooding and windstorms, to name a few, are expected to become more unpredictable and severe. Risk-transfer options will also become increasingly hard to facilitate.

Organizations need to understand all potential supply chain risks and build in a nimble and flexible supply chain model.

We can conduct on-site and portfolio Natural Hazard Risk Assessments, delivering current and future risk insights to these exposures. The goal is to better understand these exposures and provide insights and implement risk improvement actions to protect property and assets. 

With any organization that operates a location(s) that may have visitors or traffic from the general public, a General Liability insurance policy is typically in place. While there is protection through the risk-transfer policy, it may still be required to have a Liability Risk Assessment conducted to identify any further possible risk reduction.

Depending on the type of visitors or general public attending your premises, there may be more onus on the organization to provide heightened protection and safety.

We can perform General Liability Risk Assessments for both the interior and exterior of your premise's location(s).

For any organization producing a product, either as a part of a more complex assembly or an item direct to consumers, there may be an exposure of loss due to damage, accidental failure or misuse.  

Assessing your product liability exposure may be key to acquiring the proper insurance coverage and is key to ensuring that the correct quality control program is in place along with proper documentation and consumer instructions.  

We can help assess the quality control program and provide 3rd party report documentation and verification for your insurance carrier and customers.  

Even with a detailed and robust Product Liability Assessment, it is still prudent to have a well-structured Product Recall program. While a typical Product Liability Risk Assessment will include some components of a recall assessment, there are some products that may require a more in-depth review. As an example, these may be products that are edible or part of a full assembly where safety is critical such as automotive and aviation.

As part of our complete Liability Risk Assessment services, we can perform an analysis of your product recall program and provide any guidance that may strengthen the ability to effectively ensure products under recall can effectively be tracked and recovered.