Large & Publicly Traded Company Consulting
Current Program Issues
We always find it helpful to perform an in depth review of your policy coverages vs. your risks. Are all of your exposures known and either covered by insurance or understood to be self-insured? Are there hidden deductibles? Are the limits of liability the amount necessary to remove risk? Are the limits excessive? Would sublimit coverage be in order for reduction of coverage and thus a way to reduce premiums? Can we transfer risk to your suppliers? We usually never fail to find a way to reduce rates for the promulgation of current premiums.
All publicly traded companies should have an analysis of its financial position, loss ratios, and exposure to catastrophic losses in order to determine its ability to self insure. Such options as considering coverage in a wholly owned Captive, joining a Homo or Heterogeneous Group Captive, or becoming part of a Protected Cell Captive may be advisable. Possibly just larger deductibles are in order. Retrospective rating plans may be perfectly suited for Workers Compensation.
As you know self insurance or large deductible plans are ultimately going to be determined by a through analysis of open and closed claims. Do you have an in house claims management specialist or team? Do you have procedures and schedules to follow claims for proper loss reserves? Insurance companies have a general tendency to over reserve, as this is a tool to avoid taxes. Improper reserving may cause uncalled for rate increases upon policy renewals. If you’re self insured, are you using the right TPA for you?
Foreign Risk Exposure
If you have offices or subsidiaries outside of the country, are you sure that you’re complying with all rules, regulations, and coverages? Are you sure your Broker has the ability to have reviewed and covered these exposures properly. We can provide a through analysis for these issues to assure compliance.
Request For Proposals
With our detailed experience on the retail brokerage side of the business we can provide help in putting together RFPs in a format that will assure accuracy in the proposals that come back. We know the nuances that can help to bring you the lowest rates available in the marketplace. We deal regularly with both large National and International Brokers. We are very particular in assigning the most advantageous parenting of insurance companies with Brokerage Houses. Not every Broker has as good of a relationship as another with particular Underwriters. This correct paring insures the lowest rates.
Conlon Company Fees
Our fees are both reasonable and negotiable depending upon the depth of analysis and services that you’d like for us to provide. Our fees will be between $5,000 and 1% of your current premiums plus travel expenses. We rarely find this fee to be an expense as with our analysis and RFP techniques never fail to reduce rates in excess of our fees.
We assure you that our eyes joining yours will be very helpful to your company