Professional Risk Solutions
Independent Risk &
Professional Risk Solutions Pty Ltd (PRS) specialises in providing independent insurance advisory services on a consultancy basis to a range of clients. Our team has significant client and project experience and we have worked with many organisations including State departments, project companies, financiers, developers, energy providers, investors and contractors to provide the innovative and creative solutions often demanded in our field.
Professional Risk Solutions Pty Ltd (PRS) (AR No. 1297007) (ABN 51 113 685 546) is an authorised representative of RiskCorp Pty Ltd trading as RiskCorp Insurance Brokers (ABN 29 632 224 778) is licensed under AFSL No. 525995 and is 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 Australian Financial Services Licence No. 304863. Our independent approach ensures that the advice we provide reflects your needs and interests and not that of a third party.
Professional Risk Solutions
Risk Management Advisory Services
Before an effective Insurance Programme can be developed, it is important to ensure that the risks associated with your operations are identified and assessed. We work with our clients to identify risks to which they and their business are exposed including establishing how those risks are managed so as to determine whether there are any gaps in the risk management process, understanding what they are and how they can be dealt with to protect the reputation and balance sheet of our clients.
Insurance Advisory Services
This includes reviewing your existing insurance arrangements with a view of determining whether there is a more effective (including cost efficient) way of placing the insurance programme; identifying areas of non-compliance with underlying agreements; reviewing the policy coverage to ensure it reflects the breadth of coverage available in the current market and that there are no unusual exclusions or conditions of which you are unaware; and assess the level of remuneration derived by your insurance broker (based on the services being provided) as against the current market pricing for similar services. We can review the applicability and availability of Terrorism Insurance both under the Australian Terrorism Insurance Act and more broadly in the insurance market and report on our findings and where relevant, provide suggested solutions.
PPP/PFI Advisory Services
We have extensive experience in providing a range of services to PPP/PFI project participants on an independent basis including reviewing the insurance requirements contained in Project documentation; reviewing the insurance and indemnity provisions based on current market expectations and recent precedent; reviewing the Force Majeure definition; commenting on the sub-division and adequacy of the proposed responsibility for obtaining insurance cover; providing commentary with regards to Terrorism insurance and its availability with regards to the project or assets insured; reviewing the proposed level of self insured retentions; assessing the proposed pricing of the design and construction and operational insurance programmes; commenting on any policy exclusionary provisions where they are unusual given the risk profile of the project. We work with the parties to finalise and resolve any outstanding insurance issues to facilitate completion of negotiations between the respective parties and we are able to provide insurance compliance signoff to financiers, Project Companies or investors.
Contractual Review and Drafting Advice
With many businesses, entering contracts with clients, suppliers and other parties is standard, however in some instances the impact of the indemnities being agreed including other provisions on the insurances which cover the business, are not considered. By agreeing to onerous provisions in your contracts you could be prejudicing your insurers rights in the event of a claim and therefore your insurance recovery.
Such agreements include leases, project agreements, finance agreements, supply and purchase agreements, design and construction agreements, subcontracts and facility management agreements.
We are able to assist you in this regard by reviewing the indemnity and insurance clauses and redrafting insurance clauses on your behalf for review by your legal representative in order to assist in ensuring your insurable interests are protected to the extent that such protection is available in the insurance market and negotiating insurance clauses on your behalf with other parties including the government departments, contractors, financiers and lessors.
Management of Tender Process
Where you are unhappy with your current service provider or you do not believe your insurance programme reflects that which is available to you in the current market, tenders are an opportunity to test the insurance market to ensure the insurance programme you have in place achieves the objectives set by you. It is not simply a matter of buying a cheaper programme, as with most goods and services, you pay for what you get.
The Tender process can be quite demanding and involves significant costs and time. PRS can assist in this process by drafting and developing the Tender Document in consultation with you; respond to any requests for further information; reviewing the Tender Submissions including developing an Assessment Template against which all Tenders will be assessed and appointing the successful Tenderer.
Insurance Programme Compliance Review
A compliance review could relate to the review of your Insurance programme as against contractual obligations you are responsible for including in relation to finance agreements and where you are required to provide independent assessment of your insurance programme’s compliance to a third party.
Alternatively, when you contract with another party it is likely that you will require that certain insurances be put in place and in some instances that those insurances provide you with protection. It is important to ensure that the policies being effected by that party comply with these requirements, as often such provisions are forgotten when it comes to effecting or renewing the insurances.
PRS can review these policies to ensure they comply with the requirements of any underlying contracts and identify where they do not, including suggested steps to rectify the non compliance.
Insurance Policy Drafting
PRS draft policies specifically for the client and to reflect our client’s needs rather than using off the shelf or pre-agreed facility wordings. Each organisation has insurance needs specific to its business.
If you do not believe that your insurance coverage underpins the risks associated with your business, we can review your programme and advise if there is an opportunity to redraft some or all of your policies to provide the cover you seek.