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Insurance Company Services Available |
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| Risk Control Consulting… |
…in all these areas
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Physical inspections and risk control surveys are the core of our business. In each case, we provide a qualitative risk assessment that includes the identification of applicable risks and summary of controls in place. Existing gaps are highlighted and detailed within the body of the report. Photos, diagrams, and other attachments are included to help provide a clear perspective on all applicable aspects of the risk, and highlight risk improvement opportunities. Report templates can be customized to your specific requirements. TRS reports are designed to allow an underwriter to glance at the report and quickly obtain information needed to make a decision. This is accomplished by including a photograph of the property, an overview section with summary information covering the positive and negative features of the risk, as well as recommendations. We also provide Maximum Foreseeable Loss (MFL) and Probable Maximum Loss (PML) estimates according to our standard definitions, which can be modified according to each company’s internal definitions. Determining accurate replacement and reconstruction costs is essential to ensure your clients are adequately insured. We provide valuation reports as part of the inspection and risk control survey process, or on a stand alone basis. In the event that the subject building is considered historically significant or has unique architectural features, we can arrange for a building appraisal. Most of the time, however, building replacement and/or reconstruction valuations are acceptable for insurance purposes. Emergency/Business Continuity Planning Climate change, pandemic outbreak, massive power outages and similar threats are confronting organizations of every size and sector. The ability of organizations to anticipate, prepare and execute effective plans in the wake of these types of events affect their chances for survival. Insurable losses, especially from the impacts of climate change, are growing exponentially, and there is a need to understand and evaluate the insured’s plans as part of the underwriting process. TRS can evaluate the organization’s plans, enabling them them to deal with:
Fire protection review consists of reviewing the specifications for the design of a proposed sprinkler system, reviewing the prepared sprinkler design drawings and, inspecting the actual installation. Although the plan review is important to the insurance company, design and inspection of the sprinkler system can be even more important to the owner or tenant. It is important that sprinkler drawings are prepared to the proper specs or the drawings may have to be re-done at a potential cost of thousands of dollars. Site inspection ensures that the sprinkler system was actually installed as per the approved drawings and the agreed design specs. By thoroughly examining every stage of the fire protection design, TRS can save your business thousands of dollars by preventing the necessity of re-working your system. Developing risk control programs involves creating and documenting policies, procedures, standards, guidelines and other written instructions. Many types of legislation and common law principles of reasonable care and due diligence require the formalization of programs, in addition to monitoring compliance internally through inspections and audits. TRS has assisted insurers and brokers with the development of programs, as well as systems to check and record internal compliance. Our role is to ensure that the needs of all parties including insurers, brokers, clients and their industry associations are being met, while at the same time minimizing losses and maintaining profitability of the program. Using our internal resources as well as strategic partners, we are able to find solutions that are reasonable and cost effective. Whether required by insurers, regulators or a combination, we devote the time required to provide several alternatives to accomplish the end result…adequate protection at minimal cost. Seminars, workshops and hands-on training sessions are available for your underwriting, risk control and engineering staff. TRS stays up to date on emerging issues such as climate change, pandemic planning, Bill C-45, codes and standards, and their impact on the insurance industry and your clients. We are available to do presentations to groups at breakfast meetings, conferences or any other corporate gathering. Training of new technical staff and upgrading technical knowledge of existing staff is critical. We are able to offer a variety of workshops and seminars at your site. Renewal support/insurer risk control liaison We are always available to work with you to provide renewal support and to interact with the broker’s engineering and risk control representatives if applicable. This is often important where there are several insurers involved in an account and coordination of information is required. We also work with the insured to update recommendation status, present alternatives or negotiate solutions where necessary. |
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TRS Technical Risk Services Inc. Copyright © 2007