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Critique services

Bellrock offers a critique service to select clients in order to demonstrate our risk advisory and advocacy expertise.

The service comprises a comprehensive review of your current insurance programme, identification of any uninsured risk exposures and sets out our strategy to improve coverage and pricing, including the recommendation of risk management tools designed to improve your risk profile.

The critique is tailored for each organisation, and will be informed by consultation with you, particularly to gauge your own risk appetite, future strategy, and servicing expectations.

Importantly, whilst conducting this review we will not approach insurers for quotations – our critique is an assessment of current coverage only, and is confidential in nature.

What does the critique report cover?

1.

Risk assessment

As part of the assessment process, we review:

  • Asset registers and declared values
  • Key contracts to understand contractually assumed liabilities
  • Uninsurable and self insured exposures
  • Risk transfer strategies
  • Operational policies and procedures
  • Claims and strategy to drive resolution of open matters

2.

Requirements to insure
  • Legal requirements to insure
  • Contractual undertakings to insure
  • Compliance with directors’ obligations to insure (Corporations Act)

3.

Review of existing insurance programme
  • Compliance with “requirements to insure” under contract and statute
  • Coverage analysis and benchmarking of all policies held
  • Assessment of cover, underinsurance and dual insurance
  • Uninsured exposures and gap analysis
  • Improvements to cover held bring to market benchmark

4.

Review of insurance pricing and benchmarking next to insurance market trends
  • Identifying alternative insurers and program structures
  • Identifying strategies to reduce premium/excess structures
  • Identifying premium reductions by analysing intermediary remuneration

5.

Improving the risk profile

6.

Pricing of current programme
  • Benchmarking current insurance costs
  • Identifying current intermediary commissions

7.

Renewal strategy
  • Engagement of third-party experts to deliver on alternative risk transfer strategies
  • Required risk disclosures and preparation of risk prospectus
  • Insurer negotiations and market meetings

8.

Service and transition
  • Establish key performance areas and service level agreement (SLA)
  • Execute retainer and letter of appointment
  • Map transition milestones

Information required from you

Generally the following information is required:

  • Corporate structure showing ownership of all entities within the Group
  • Asset registers: property, plant, vehicles and agreements
  • Listings for all active and prospective construction projects and operational facilities
  • Key contractual instruments (perhaps 3) in which goods or services are provided or relied upon by third parties
  • Deed of access and indemnity between the company and its directors
  • Financial statements for the previous 2 financial years and management accounts for current year to the last full month of close
  • All proposal forms completed for the current insurance period renewal
  • All current insurance policies and policy schedules
  • All of the current “invoices” in respect of each policy held (on your intermediary’s letterhead)
  • Copies of claims history for each policy of insurance held

How to request a critique

Simply email your Bellrock Advisor to request a critique or complete our enquiry form.

Request a critique