Services
RISC tailors its services to the specific circumstances prevailing in Latin America, the special requirements of our customers and the type of risk being analyzed. Below we present a non-exhaustive list of some of the services RISC provides its clients.
1 (RE)INSURANCE UNDERWRITING
- Preparation of underwriting information for major risks, assistance with adequate and risk commensurate data collection, assistance with the submission to reinsurance markets.
- Pre-underwriting for property, engineering and liability.
- Analysis of the original policy to a) ensure compatibility with the reinsurance placement and b) avoid unwanted coverage.
- PML/EML assessment and/or assistance in determining probable maximum loss scenarios.
- Bids of first risk limits or sum insured.
- Bid / Tenders: assistance during underwriting meetings representing our client.
- Underwriting agreements: Engineering subscription for third parties (intermediaries, facilities, underwriting agencies) based on standard engineering policy wording currently in use in Latin America.
2 RISK MANAGEMENT
- Review of third party inspection reports with focus on reinsurance placement.
- Inspections to infrastructure projects (under construction & operational), beachfront hotels, toll roads, mining operations, power plants, all the previous with focus on loss prevention and NatHaz exposure.
- Industrial Risk Management: process description, fire protection environment, PML / EML scenarios, recommendations for adequate loss prevention.
- EML / PML determination for Property and Engineering.
- Risk studies to assist determining minimum insured limits and recommendations for the issuance of the policy.
- Inspections of erection /construction projects with focus on work progress and critical path (ALoP).
- Third party liability inspections also considering environmental issues.
- Pre-hurricane season inspection: actual conditions of major facultative risks, review of loss prevention measures.
3 UNDERWRITING OF NATURAL HAZARDS
- Specialized risk inspections including the calculation of PMLs: earthquake, windstorm, hurricanes and flood.
- NatHaz accumulation calculations in order to increase retention and optimize facultative cessions.
- In close collaboration with clients we assist in the development of concepts for earthquake and hurricane accumulation control for a facultative Property and Engineering portfolio or risks with multiple locations.
- Consultancy for the development of strategies for the underwriting of risks located in natural- hazards-exposed regions.
4 CLAIMS
- Qualified opinion on coverage issues for property, engineering and TPL claims.
- Analysis and review of loss adjusting reports as well as review of the initial claim reserve.
- Post-loss inspections including status report.
- Progress monitoring in case of complex claims, claims meeting attendance in representation of our client including editing of meeting minutes.
- Claims control / cooperation clause: controlling function in case of complex fire / engineering risks.
5 TRAINING AND SEMINARS
- Training courses on topics such as EAR, CAR, MB, CECR, ALoP.
- “Case-studies” based on large losses with guidelines for an improved underwriting.
- Risk Inspections: training of inspectors of insurance companies or brokers, structuring of a report, PML / EML Definition.
- Presentations of reinsurance issues (natural hazards, underwriting strategies to avoid accumulations, thermal and hydro power plants, underwriting of highways / toll-roads, aspects to consider during risk inspections).
- Presentation of technical subjects: f. ex. digital photogrammetry.
6 ALTERNATIVE DISPUTE RESOLUTION
Assistance in conciliatory proceedings to resolve disputes between parties (reinsurers, insurers and insured) to avoid a long and tortuous legal process. Intervention as an independent and neutral third party in resolving the conflict through:
- Mediation
- Arbitration
- Expert Opinion