Taking a Risk Managed Approach to Insurance
Background
Clients buy insurance through Austral Risk Services to protect their business. This involves a special relationship with the underwriter, which is often not clearly understood. Essentially, our clients have an obligation to act in utmost good faith and disclose all the relevant facts about their risks. Sometimes this process fails and as a result clients
- Fail to buy necessary cover
- Fail to buy enough cover
- Buy a policy, which excludes a particular type of risk relevant to us.
- Buy a policy with a sub-limit too small to cover our losses
- Make a claim and have it denied by the underwriter due to lack of disclosure
History shows that one of the root causes of problems is that very few people get involved in the insurance process and important facts are missed or not interpreted correctly.
Austral acts as a broker to assist you with disclosure to the underwriter.
Taking a Risk Managed Approach
As Austral Risk Services has grown we recognized the need to develop a more inclusive and strategic approach to consider the insurable risks. This helps us to:
- Understand your risks.
- Form an understanding of what you want to protect.
- Balance the extent of the cover taken and premiums paid.
- Assess the level of deductibles (excesses) that could be accepted.
Strategic Alliance
This new process is facilitated via an alliance with Risk Thinkers Pty Ltd. Managing Director Gerry Robinson has extensive experience in conducting strategic risk reviews and is an author on risk management and insurance issues. Gerry and his expert risk management associates extend Austral’s capability to service our clients. www.riskthinkers.com.au
The Result
Such a Risk Driven approach allows:-
- Design of Templates to identify your risks (Insured, Uninsured, non-insurance related)
- Establishment of manuscript policy wordings to match your insurances to your risks, and
- Suggested minimum standards for risk control of your exposures.
Your Participation
For further information contact Steve Halbert on 08 9321 3220 or your Account Executive at Austral Risk Services.
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