Transparency Constructed

Expense Reduction Analysts (ERA) is  often approached to conduct an insurance review simply to assure the CEO or CFO that their current risk management and risk transfer (insurance) programs are sound.

Construction companies, by nature of the occupation, face massive Liability risks, and if not carefully monitored may threaten the company’s very existence.

Processes associated with a company’s insurance review should be Risk Management driven and this is especially true for Construction companies, where the focus should be on reducing or avoiding the risks faced rather than transferring them by insurance.

Any loss faced has the potential to cost the business substantial amounts of money whether insured or not, due to down time, loss of reputation and the effects of the work force morale.

When ERA was approached by an international construction company, it was vitally important for the client to have absolute advocacy from their insurance broker/advisor.

Lack of Advocacy can cost

In this case, the broker was the agent of the insurers, and therefore providing very little Risk Management assistance despite the wealth of knowledge at their disposal.

This had a spiraling effect on the coverages placed, as minimal advice was provided with regard to the gaps in coverage and exposures faced.

As the company received minimal advice, several major activities undertaken were simply excluded under their insurance program structure.

The ERA Review process allowed the client to select a broker with a transparent remuneration structure, unbiased placement process and invaluable Risk Management resources to assist in the reduction of the organization’s total cost of all risks.

Any loss faced by a construction company has the potential to cost the business substantial amounts of money whether insured or not.

 

 

  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client
  • client