C-Risk provides insurance policy reviews, coverage comparisons, and risk assessments. We evaluate risks and exposures, assess insurable risks to eliminate coverage gaps or unnecessary coverage, and to determine the most effective insurance program structure to meet specific risk management requirements. If requested, C-Risk will assist with the negotiation with insurers for modifications of terms, limits, broader coverage, and lower costs in order to obtain maximum insurance coverage at the most reasonable cost-effective premium.
Most project owners and contractors depend on their insurance broker to conduct a thorough review and evaluation of their risks and exposures, structure a cost-effective insurance & risk management program, and procure the most appropriate loss control and claim administration services. However, if an insurance broker does not have the requisite construction knowledge and practical experience or is unfamiliar with the unique risks and exposures associated with construction projects, it will be impossible to obtain an optimal result for a project owner who is requiring a sustainable insurance and risk management program.
Many insurance brokers are generalist. Therefore, project owners should be cognizant of who can provide them with the best advice and guidance for their insurance program, and who can provide truly objective advice that is in the best interest of a project owner. They should seek an insurance and risk management professional who can offer pragmatic advice on effective and comprehensive insurance and risk financing program structures that will cover all risks and exposures and risk management requirements. Having the right adviser will mitigate potential coverage gaps or paying for insurance that is not needed, which is not a very cost-effective result.
C-Risk helps project owners understand the underwriting process. We assist project owners in providing insurance brokers with information and documentation required by insurance underwriters. This can significantly expedite the underwriting process and improve a project owner’s ability to obtain competitive insurance pricing based on a project owner’s specific risks and exposures, loss experience, risk profile, including risk appetite, risk tolerance, to determine appropriate insurance coverage requirements.
C-Risk provides insurance coverage reviews for a number of reasons. A primary reason is when a project owner’s business operations have changed. This may require a thorough review and evaluation of any new or additional coverage that may be needed to address added, reduced, or eliminated business operations and associated risks and exposures.
Other reasons may include, when a project owner wants to reduce their total construction insurance cost, or if they want an objective and impartial insurance review because they plan to competitively market their insurance program to other insurance brokers or carriers. Another reason is when public sector owners are forced to reduce capital development construction programs because of budget limitations or when a private owner faces an economic downturn that increases construction lending rates.
Insurance policy coverage reviews are one of several risk management services that C-Risk provides. It is an area where we differentiate ourselves from other risk management consultants. Why? Because we are 100% objective and unbiased. C-Risk is an independent consulting company. We provide objective advisory services to project owners on insurance and risk management programs. C-Risk is not directly involved with selling or brokering insurance, so there is absolutely no conflict of interest. We do not directly place insurance with insurers. C-Risk is an Owner’s Rep and basically a project owner’s advocate for structuring construction project insurance, operations insurance, and risk management programs.
C-Risk assists private and public sector project owners with structuring and implementing effective insurance and risk management programs that will meet a project owner’s specific requirements. For alternatives to commercial insurance, review the Risk Financing options in the Services section on the C-Risk website, which provides a cursory review of some additional alternative risk financing techniques.