Meeting your specific
Professional Risk Solutions Group Pty Ltd (PRSG) partners with its clients to develop an insurance programme around their needs and risk appetite. As insurance brokers our role is to represent our client’s interests first and foremost when negotiating with the insurance market. We are an Australian company with global reach giving us the expertise to utilise the capacities available in the overseas markets for the benefit of our clients.
Professional Risk Solutions Group Pty Ltd (AR No. 298 896) (ABN 53 117 186 311) is an Authorised Representative of Nexus (Aust) Pty Ltd trading as Nexus Risk Services (ABN 66 009 111 719) and are authorised to provide financial product advice in relation to general insurance products and deal in general insurance products to retail and wholesale clients pursuant to AFSL No. 243504.
Professional Risk Solutions Group
Insurance Programme Design
Taking into consideration:
- Your risk profile and appetite including acceptable levels of excesses and deductibles;
- Policy limits to reflect the level of risk exposure identified taking into consideration the use of recently procured valuations;
- The insurance requirements of the underlying agreements including project deeds or agreements, leases, licences, design and construction agreements, operational agreements, facility management agreements and finance agreements.
Broking and Placement Services
Once the Insurance Program has been designed and policies drafted, we will formulate a marketing strategy covering both local and international insurers.
The marking strategy will take into consideration:
- Claims paying attitude and reputation;
- Capacity to be flexible;
- Ability to provide the breadth of cover and level of deductibles sought;
- Capacity to underwrite higher limits of liability taking into consideration the significant increase in asset values on completion of the Delivery Phase;
- Compliance with the insurance requirements contained in the agreements which underpin this project including the Project Deed and the Syndicated Facility Agreement;
- The Standard and Poor’s credit rating of the insurer providing the quotation.
Claims Handling Services
Having an insurance programme which responds to claims, is the ultimate objective of insurance procurement. It is therefore essential that a broker provides a technical platform from which to assist clients with navigating the claims process. We take a highly proactive approach to claims management.
Our claims handling service is comprehensive and includes:
- Advising on loss mitigation prior to events likely to lead to a claim (e.g. an approaching cyclone);
- Provision of advice on coverage and preparation of claims notifications;
- Submission of claims and negotiations with Insurers;
- Handling negotiations with assessors and loss adjustors;
- Briefing external solicitors if required and holding discussions and negotiations with third party solicitors;
- Facilitation of claims settlement;
- Advice on uninsured loss recovery.
The type, scope and level of insurance, which you hold, will also be affected by the contracts executed between you and your clients and suppliers. Risks will be allocated to you through the contract provisions. Thus it is important that such provisions are viewed to ensure what you sign cannot adversely impact the insurances effected. We are able to analyse the indemnity and insurance provisions and will suggest amendments to the provisions where relevant for review by your legal advisors.
Contract Compliance Reviews
Financiers will, in most instances, require that their interests be protected through the inclusion of provisions within your insurance policies. In addition, they may ask that you procure a compliance letter which confirms that your insurance programme complies with the insurance requirements of the underlying finance agreement. We can assist by undertaking such reviews and confirming that the insurance programme is compliant and where it is not, provide suggestions on how the programme can be modified to comply.
Contractor, Subcontractor and Supplier Compliance Reviews
Where you utilise contractors/subcontractors/suppliers, often there will be agreements in place between yourself and such parties and that such agreements will include insurance provisions.
We can assist you by auditing the insurances effected by such parties to ensure they comply with the underlying agreement. Where they do not comply, we can identify the areas of non compliance and suggest some modifications to the insurances so that compliance can be achieved.
To ensure that the insurance programme pricing and terms remain competitive, we will often benchmark your insurances through a remarketing process and present the outcome to you as part of the Renewal terms submitted.
In some instances, the insurances are required in compliance with a contractual obligation that the insurances are benchmarked on predetermined anniversaries. In such circumstances we can provide a separate Benchmark Report to comply with this requirement without including information which is not relevant to the other party.
Education and Training
To ensure that you and your staff understand the coverage provided under your insurance program, we can undertake training sessions to demonstrate, using real examples, how the insurance program operates in different scenarios.
In addition, we can undertake:
- Contractual review sessions with staff (in relation to the insurance and related risk provisions) to demonstrate to them how such provisions can affect the insurances you have put in place;
- Discuss how policies interact with one another; and
- Discuss what they need to do in the event of a claim.
We are also able to facilitate training with external providers if appropriate.
To ease the cash flow burden, we can offer access to premium funding at terms which are competitive when compared to commercial lending rates.