After your polices are in place SBT immediately begins the process of administering your insurance program-the process of managing your insurance once the winning insurer is identified. SBT keeps your coverage’s fine tuned by developing and executing a cogent post-renewal strategy and laying out a detailed plan for program maintenance that guides all related activities regarding the policy, assuring that maximum value is maintained throughout the life of the policy.
Once the insurer is selected SBT will assure the policies are produced quickly and accurately. All documentation is collected and archived and all the necessary steps are taken to make sure that polices are in place effectively protecting your business. These are just some of the steps involved.
- Obtain complete, detailed binders for review.
- Make all necessary corrections.
- Create a summary of the renewal program.
- Our data base tracks all binders for expiration. We also track policy issuance so that all binders are replaced by the actual policy.
- Review all policies once issued for accuracy and provide written comments and recommendations.
- All policies and correspondence are electronically stored and can be placed on a CD for your review.
SBT’s detailed program maintenance procedures make certain that your polices continue to provide maximum value. We are constantly monitoring the marketplace and your changing business requirements and contractual agreements in order to alert you to both pitfalls and opportunities that your insurance program may present. Many of the steps we take are briefly outlined below:
- Schedule a meeting with the liability insurance company to confirm service expectations going forward, i.e. loss runs to be received on a quarterly basis, reserve review meetings to be held at the insured’s office at least once per year, etc.
- Follow up on all outstanding endorsements.
- Review the insurance section of all of your proposed contracts. Make sure that all insurance coverage received from Contractors/Subcontractors, Leasees/Lessors documents are appropriate and that both they and we are in compliance with all contractual obligations.
- Meet with the insured on a regular basis (approximately every 90-120 days). We will have a formal agenda for every meeting.
- Review and discuss those exposures, which are currently uninsured and for which insurance products may be available.
- Many of our clients purchase sophisticated loss-sensitive insurance policies, and the premium adjustment can be complex. We review the adjustment and confirm that it was performed correctly.
- As you finance new properties or refinance existing properties, we will review your lender’s insurance requirements as necessary and ensure that the terms of your insurance program are satisfactory to the lender.
- We will continually monitor your insurance program on a proactive basis. We will make you aware of changes we see happening in the insurance marketplace, so that you are not blindsided by new coverage restrictions or higher premiums. Our international client base assists us in providing advance warning of restrictions in reinsurance treaties, which may limit the availability of future coverage.