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Scope of Services
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We know construction. We provide critical risk management support to general contractors, construction managers, builders, and infrastructure specialists. And while that will always be our foundation, our knowledge and experience enable us to successfully support other categories beyond it. We exist to ensure that your risks are properly identified, managed, mitigated or otherwise transferred. The ultimate goal is the best protection for your company at the lowest possible cost.
We are licensed insurance consultants with vast market knowledge and experience both within the U.S. and abroad. It is our job to know what’s new and what has changed, so that you have access to the most current guidance and strategies to manage your risk. Our strategic approach is highly customized to your needs and ensures we negotiate your best risk solutions.
Our entire focus is on supporting you, our client. We do not receive financial compensation from the brokers or the insurers. We are dedicated to ensuring your risk management needs are met and resolved with industry-leading solutions that only a team with our extensive experience and knowledge can provide.
Standardized Risk Management Process
- Serve as either your dedicated and independent risk management department or as supplemental resource to your existing team
- Conduct training to increase knowledge and support a risk aware culture
- Development of client specific:
- Crisis response & communication protocols
- Claim process & procedure with counsel
- Claim process & procedures with carriers
- Renewal processes
- Policy checks and review
- Coverage and contract review checklists and templates
- Disaster recovery plan
- Merger or acquisition due diligence support and advice on insurance policies, risk management programs, agreements, losses and exposures
- Gap analysis of your exposures versus the insurance in place to help you understand complete risk and prioritize mitigation strategies
Claim Response & Advocacy
- Day-to-day claim management (coordination between insurers, brokers and internal teams such as operations, legal, safety, equipment, procurement, etc.):
- Management of ongoing cases
- Review of outstanding files & driving to resolution
- Development of claim resolution strategy
- Single point of contact for brokers
- Create and implement service agreements with carriers
- Audit claims process and conduct claims reviews to assure they are being addressed or closed in a timely and appropriate manner
- Identify and facilitate contractual risk transfer opportunities to eliminate or minimize losses
- Participate in carrier loss control meetings and facility tours
- Claims advocacy support on present or run-off property, liability or workers' compensation claims
Insurance Program Placement & Administration
- Analyze exposure and appetite for risk
- Analyze and assemble exposure information in the manner best received and utilized by the insurance market
- Create client specific insurance specifications for coverage, terms and limits
- Development of strategy with broker, in alignment with client goals
- Represent you in negotiations with brokers/carriers
- Confirm policies are received & accurate
- Seek industry leading coverages – set standards
- Review and provide support with contracts
- Conduct and participate in broker and carrier meetings
- Cost of Risk Allocations
- Program modeling and forecasting
- Negotiate manuscript wording when needed to address an exposure
- Support in evaluating proposals for risk related services including broker selection, third party claims administration, and safety services
- Evaluate exposure in order to advise on procedures, limits, and lines of coverage needed to best protect your operations and assets
- Explore and implement alternative risk management options
Project Risk Assessment
- Evaluate risks associated with a project to determine best risk management/mitigation/transfer strategies
- Review contractual terms to understand project requirements and risk being assumed
- Advise of situations where contract insurance requirements are not feasible
- Ensure the correct insurance products are placed, based on project needs and contractual requirements
- Review and advise on insurance provisions of contracts including but not limited to: leases, vendor, contractor, property management, development management, architects and engineers, PSAs, loan, and JV agreements to assure proper risk transfer and terminology exist
Claim & Insurance Data Analytics
- Leverage loss data to assess insurance carrier claim handling effectiveness and drive accountability
- Return of Investment (ROI) evaluation of technologies, risk control measures and operational practices
- Create actionable information from historical incident/loss trend analysis to drive operational improvements
- Development of customized real-time incident/loss dashboards and data visualizations
- Use historical development trends to project future claim results, manage deductibles/retentions and negotiate program renewals
- By presenting loss data to underwriters with the context of your business and operations, we are able to negotiate better renewal results
Let the Stratus team guide you through the intricacies and nuances of insurance, claim and risk management. Decades of experience in these highly specialized areas affords us insights that few can provide. We can alleviate this responsibility from your team, so you can focus on your priorities. Founded on unmatched expertise. Built from trust. And designed to evolve with our clients’ ever-changing needs.
We are Stratus.