ABOUT CLAIM

SOLACE INSURANCE BROKERS LIMITED

TECHNICAL AFFILIATION
We recognise the fact that insurance is a global industry. We also recognise the need to take advantage of ore contemporary facilities available in more developed countries, through a global affiliation to a worldwide network.
We have technical relationship with Will & Company (WG &Company.) Will Gandy & Company is one of the largest Entertainment, Sports and General Risk Insurance Brokers world-wide.

REASONS WHY YOU SHOULD DO BUSINESS WITH SOLACE INSURANCE BROKERS
Services provided for our clients focus on the following four areas. The listed duties within each category may not be exhaustive, but they should serve as a starting point for the special services that the client should seek, and expect.
 Programme administration
 Risk Management Service
 Claims Support
 Safety/Loss Control

PROGRAMME ADMINISTRATION
 Alert the client of substantial changes or trends within the insurance industry that would affect the insurance programme. Include the information in the annual stewardship report to the client.
 Maintain and provide updated schedules of insurance for client reference.
 Continually assess the client’s insurers with respect to service capacity ad responsiveness.
 Review policies and financial documents for accuracy and secure necessary amendments from insurance companies to programme parameters.
 Periodically market the insurance programme to maximize service and cost.
 Assist the client in premium allocation among divisions or profit centres.
 Monitor job classification codes for workers compensation annually.
 Review audits, retrospective calculations, deductibles.
 Obtain builders risk, owners/contractors protective and railroad protective quotation as needed.
 Coordinate activities with claim services on statistical loss runs and annual review of losses.
 Maintain copies of all policies including a specific listing of expirations.
 Supervise premium payments to insurance companies.
 Prepare annual risk profile and exposure analysis, and report new exposures and risks.
 Perform a risk assessment and coverage review annually.
 Prepare insurance specifications for the market place.
 Prepare loss analysis for retention programmes
 Review and critique subcontractor insurance requirements with legal department
 Negotiate with insures on renewal parameters.
 Analyse and compare quotes from various insurers
 Review and deliver policies.
 Prepare stewardship annually
 Provide insurance budget estimates
 Estimate experience modification factors annually and resolve discrepancies
 Review equipment and property values for placement of coverages

RISK MANAGEMENT SERVICES
 Loss analysis and forecasting
 Optimum retention level analysis.
 Risk identification and analysis.
 Program design, implementing and monitoring
 Perform annual subcontractor document analysis
 Financial analysis of alternative risk management programme
 Feasibility studies of captive insurance companies or self insurance plans.
 Follow up and monitor letter of credit or any other financial instrument.
 Develop alternative collateral means to support cash flow plans.
 Work with service providers on the risk management information, methodology including data transfer and capability of loss reporting by job site.
 Respond to coverage questions and new exposures.
 Evaluate excess limits and the adequacy of such limited.
 Conducts clients review with internal quality control.

CLAIM SUPPORT SERVICES
 Act as liaison between the clients and the insurer/third party administrator on claims matters.
 Ensure that written claim handling procedures, approved by the contractor and insurers, are in place.
 Monitor compliance with written procedures, identify incidents of non compliance, and initiate corrective actions.
 Review coverage issues and, as the client’s advocate negotiate with Solace Insurance Brokers to achieve satisfactory resolutions.
 Conduct periodic claim reviews at selected locations as requested by the client and issue timely written reports on results.
 Follow serious claims on request and obtain periodic status reports from Solace Insurance Brokers.
 Evaluate pre-settlement reviews and attend settlement conferences.
 Screen coverage issues.

SAFETY/LOSS CONTROL
 Prepare and conduct instructional seminars
 Review insurance company’s loss control report.
 Analyse job sites for frequency and severity of accidents.
 Analyse the frequency and severity of accidents by type.
 Frequency/severity by exposure (man hour, payroll, or sales) analysis.
 Breakeven chart (retroactive vs. guaranteed cost)
 Loss control training, as needed.
 Resource for contractor’s safety director.
 Accident investigation assistance.
 Periodic site evaluations.
 Operation and pre-job assessments.
 Performance benchmarking information.
 Develop strategic response and disaster planning.

+234 (0)810 594 3230

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