In practice, it is not uncommon for a business to take out insurance policies inconsistently while pursuing varying goals. It is also important to bear in mind that insurance companies often offer standardized policy provisions whose provisions may be obscure to the customer. This approach may bear some unpleasantly surprising results including financial losses, having to suspend business operations or even going out of business.
One way to prevent such a situation is to proactively develop business insurance programs and elaborate insurance policy provisions.
When developing an insurance program, one needs to consider insurance goals that may range from internal corporate risk management objectives to developing tools of employee motivation, and to take the stakeholders into consideration.
The Belopois team offers a suite of professional solutions to develop an effective insurance coverage: we review and provide recommendations in terms of assessment of the range of risks and the scope of coverage, measures of risk mitigation, the insurance payout procedure, optimal distribution of liabilities of the parties involved and minimization of insurance and reinsurance costs, budget planning, the schedule and the procedure of interaction of the client, the broker, the insurer and the underwriter, as well as the client’s requirements toward all of the parties under an insurance policy.