Risk Management and Insurance Planning is required for any organization to review their risk management strategies and to opt for risk transfer measures like availing insurance cover etc
An unbiased study by an external agency on technical risk management measures adopted and insurance practices followed will help the management of the organization to manage the risk effectively and profitably
Objectives
To carry out a systematic, critical appraisal of all potential risks involving personnel, plant, services and operations (risk identification, assessment and control) and
To review the insurance coverage and to identify areas of coverage to optimize the risk exposure
Scope of the RM & IP study
The scope of the study will include the following:
Identification of all major internal and external pure risks including the natural risks and analysis of the impact of above risks
Review of existing risk control measures and offering comments
Scrutiny of all existing major insurance policies in respect of:
Rationalization of basic rate of premium and widening of covers
Applicability / eligibility of discounts in premium
Application of suitable clauses, warranties and conditions
Identification of possible areas for refund of premium and suggestions regarding procedure for the same
Selection of insurance coverage on the basis of risk analysis
Providing guidelines for fixation of sum insured and illustrate the same on a selected equipment
Evaluation of business interruption exposure due to identified risks
Providing guidelines on documentation requirements, procedures for claims under various policies
A Joint Venture between Murugappa Group, India & Mitsui Sumitomo Insurance Group, Japan
Risk Management and Insurance Planning is required for any organization to review their risk management strategies and to opt for risk transfer measures like availing insurance cover etc
