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Risk Management Assistance

                         Understanding Risk Management

In our complex, competitive, and global business environment, risk management is a necessary and critical function for a company’s survival. Risk analysis identifying the perils an organization is exposed to, as well as the placement of the proper insurance coverage to cover losses from these perils when the unexpected happens, is as important as product development, marketing, and sales.

Insurance products are designed to cover a risk or series of risks either in the form of standard industry all risk policies (subject to the exclusions) or manuscript type policies that are written in a specific manner to cover a unique insured’s exposure. In both cases either in-house (staff employee) or an outside risk manager is charged with the responsibility of determining the necessary insurance coverage to cover the risk or provide advice on the recommended financial funds that need to be set aside to cover an expected loss. Clearly, this is a very big responsibility requiring a great deal of experience and training.

Based Corbitt Public Adjusting, LLC's loss adjusting experience with all types of losses, we have found that a company's risk manager would benefit from bringing in a trained and experienced professional public adjusting firm to adjust losses based on the coverage the risk manager has placed for their principal. Each loss will have its unique fact issues and proper claims management of a loss is critical to the outcome.

Risk managers bring to the table the necessary background information on the insured's operations and insurance coverage. Working in conjunction with the risk manager, loss adjusting experience is then applied to the facts of a specific loss.  The practice and procedures of insurance adjusting often vary from one location to the next. Court decisions as well as rules and regulations issued by the various state departments of insurance will often impact how an adjustment to a loss should be conducted.



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