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Insurance Program Analysis: A thorough review of your current insurance program in order to evaluate adequacy of coverage, structure, terms, conditions and cost.
Investment Portfolio Risk Assessment: A review of your investment's operational risks, safety programs, insurance programs, contractual liabilities, business continuity program, and claims history. The review will yield a report outlining the risks and make any necessary recommendations to improve the manner in which the investment is responding to its risks.
Enterprise/Catastrophic Risk Identification and Assessment: A complete Enterprise Risk Management analysis serves to uncover all business and operational risks that are inherent to your business and an identification of those that can devastate your business. We will provide a report outlining those risks and recommendations for mitigation.
Contractual Liability Services
Assessment - Review of contracts to identify areas where you may be assuming unintended risk and liabilities. Analysis of how your current coverage responds to liabilities you are assuming under contract.
Training and Review - We will provide a seminar for contract managers, purchasing managers, insurance buyers and any other key employees who deal with your contracts on a regular basis. We will examine common pitfalls of contracts and provide recommendations on how to avoid them.
Contractual Manual - We prepare a reference guide for your organization for use in contracts administration. In the Manual, we discuss various forms of indemnification, suggested coverage to require from various vendors, contractors and business partners. We provide sample language to assist you in negotiating contracts to ensure that your interests are optimally protected.
Request for Proposal: IRMC coordinates and directs insurance program bids by creating tailored specifications and RFP's; assisting in the selection of appropriate brokers and carriers to participate; and reviewing quotes and proposals to ensure compliance with specification and appropriate coverage, limits and pricing.
Alternative Risk and Captive Feasibility Analysis: IRMC evaluates the appropriateness of various “risk funding” alternatives. This process includes a feasibility study of such alternatives as captives, self-insurance and high deductible/large retention programs. The fixed costs and typical flow of funds under each alternative are identified.
Workers' Compensation Studies: IRMC provides WC studies to assist in determining whether you should consider a large deductible, incurred/paid loss retro or self-insurance. In addition, we evaluate your losses and identify any obvious trends - and measure the effect on your current premium (including Experience Mod and ARAP review).
Mergers, Acquisitions, and Divestitures Due Diligence: IRMC provides an assessment of key risk issues, loss experience, exposures to loss, contractual language, adequacy of prior and existing insurance with respect to the acquisition.
Construction/OCIP/CCIP Consulting: For large construction projects we assist our clients by reviewing the construction contracts and documents, including the hold harmless, indemnification and waiver of subrogation language, as well as the insurance requirements. We also assist in the selection and monitoring of Owners Controlled Insurance Program (OCIP) or Contractors Controlled Insurance Program (CCIP).
Business Continuity Planning: BCP is a collection of resources, actions, procedures, and information that is developed, tested, and held in readiness for use in protecting life, assets and reputation and in restoring operations in the event of an emergency, crisis or other disruption of operations. IRMC can assist in establishing a comprehensive BCP or Disaster Recovery Plan.
Claims Audits: IRMC audits insurers, third party administrator and self-administered claims programs. We make recommendations and develop action plans for improved claims service and handling. We can also assist in the negotiation of adjustments to collateral (LCs) with insurers.
Managed Care WC Programs: IRMC can assist our clients in significantly reducing their workers compensation claims costs and Experience Modification Factors. We evaluate and monitor the treatment of your occupational injury claims by the Insurer or TPA providing the services. We assess the following: timeliness of the contact with the injured worker; three point contacts (employee, employer, case manager); the case manager's involvement and follow-up; the monitoring of the diagnosis/prognosis and medical treatment; the use of a managed care network of providers that specialize in muscular-skeletal claims, understand workers compensation and provide discounted medical fees and the effectiveness of return-to-work programs.
Additional Risk Management Consulting Services: IRMC can assist with strategic risk management planning; risk management audits; risk management manuals; contract analysis; and even the design and staffing of your risk management department when appropriate.
We can also function as your outsourced risk management function.
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