Magazine article Parks & Recreation

Playbook: Rest Insured: While Few Professionals Look Forward to a Comprehensive Examination of Insurance Policies, Taking Stock of Your Organization's Current and Needed Coverage Can Result in a Sense of Satisfaction-And Peace of Mind

Magazine article Parks & Recreation

Playbook: Rest Insured: While Few Professionals Look Forward to a Comprehensive Examination of Insurance Policies, Taking Stock of Your Organization's Current and Needed Coverage Can Result in a Sense of Satisfaction-And Peace of Mind

Article excerpt

Questions about insurance coverage and related issues such as policy definitions, limits, exclusions, riders, and deductibles come up frequently during the course of conducting your organization's daily business. These issues can--and usually do--create some level of anxiety for even the savviest professionals.

But this is no excuse for placing your organization at tremendous risk by hoping the right insurance policies are in place.

Getting the right insurance coverage is not difficult, but it does require some effort in gathering information about your organization's activities, financial status, property values, and risk exposures. To ensure success, assign a responsible staff person to monitor and coordinate your organization's insurance requirements with a trusted insurance professional on a regular basis, preferably annually.

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Follow these steps to get started:

Take a comprehensive inventory of major assets (equipment, building, product inventories, and so forth).

Make a list of all properties to include location, size (total occupied square footage), and contents. In addition, provide information on type of construction, number of stories, and protection (alarm, sprinkler, and so forth).

Interview key management staff to make sure you understand all of your organization's operational requirements.

Review all existing contracts for insurance requirements.

Gather total salary information and group employees by state of residence (for workers' compensation coverage).

Make a list of vehicles and drivers for automobile coverage.

Gather financial data such as annual reports, publications and informational brochures, tax filings, and audited financial statements.

This information will be reviewed in the underwriting process to give insurers a true picture of your needs, and will allow them to provide appropriate, accurate coverage and risk management advice.

Once you have gathered your information, interview two or three brokers, making sure to get references. To ensure an unbiased third-party opinion, consider having an independent consultant who specializes in the insurance and risk management field review and provide a risk assessment or audit of your organization before the broker selection process. …

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