Georgia Construction Today - First Quarter 2009 - (Page 17)

integrate these actions with the operational aspects of the contractor. To do this successfully requires an intense understanding of the effects of decisions and actions on costs. And it is the job of the agent/broker to become a source of information for making better decisions. Broker services for the construction industry should be concentrated in the following four areas: • Program Administration • Claims Support • Risk Management Services • Safety/Loss Control Categories of Broker Services for the Construction Industry Program administration • Alert the contractor of any substantial changes or trends within the insurance industry that would affect the insurance program • Periodically market the insurance program to maximize service and cost • Prepare an annual Risk Proﬁle & Exposure Analysis and report new exposures/risks • Perform a risk assessment and coverage review annually • Monitor job classiﬁcation codes for workers’ compensation • Obtain Builder’s Risk, OCP and RRP quotations as needed • Coordinate activities with in-house claims services on statistical loss runs and annual review of losses • Prepare loss analysis for retention programs • Negotiate with insurers on renewal parameters • Analyze and compare quotes from various insurers • Prepare stewardship report annually • Coordinate contractor/carrier meetings as needed • Provide insurance budget estimates • Estimate experience modiﬁcation factors annually and resolve discrepancies • Review and track MVRs Claims support • Ensure that written claim handling procedures, approved by the contractor and insurers, are in place • Monitor compliance with written procedures; identify incidents of non-compliance and initiate corrective action • Conduct periodic claim reviews at selected locations as requested by the contractor and issue timely written reports on results • Respond immediately to large or unusual losses • Follow serious claims upon request and obtain periodic status reports from appropriate carrier • Evaluate pre-settlement reviews and attend settlement conferences • Screen coverage issues Risk management services • • • • • • • Loss analysis and forecasting Optimum retention level analysis (deductible audit) Risk identiﬁcation and analysis Program design, implementing and monitoring Perform annual subcontract document analysis Financial analysis of alternative risk management programs Feasibility studies of captive insurance companies or self-insurance plans • Follow up and monitor LOC, or any other ﬁnancial instrument • Develop alternative collateral means to support cash ﬂow plans • Work with service providers on the risk management information methodology, including data transfer and capability of loss reporting by jobsite • Respond to coverage questions and new exposures • Evaluate excess limits and the adequacy of such limits • Conduct client review with internal quality control Safety/loss control • Prepare and conduct instructional seminars • Review insurance company’s loss control reports • Frequency/severity by jobsite and type of accident analysis • Frequency/severity by exposures (man hours, payroll, or sales) analysis • • • • • • Loss control training as needed, i.e. OSHA 10-hour course Accident investigation assistance Periodic site evaluations Operation and pre-job assessments Performance benchmarking information Develop strategic response and disaster planning Georgia CONSTRUCTION TODAY FIRST QUARTER 2009 17

Table of Contents Feed for the Digital Edition of Georgia Construction Today - First Quarter 2009

Georgia Construction Today - First Quarter 2009 Contents Message from the President Leading in Tough Economic Times Breaking the Cycle of Workforce Insanity Chapter’s Workers’ Compensation Program Delivers Greater Value with Multi-State Coverage Am I Getting Enough from My Insurance Broker? Change Has Arrived: Georgia’s New Lien Law Index to Advertisers

Georgia Construction Today - First Quarter 2009

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