Risk Assessment: Evaluating Coverage from a Loss Perspective

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Identifying Solutions

After conducting both the loss scenario and dialog procedures with a number of clients, most brokers will be able to identify areas or sets of circumstances that present reoccurring problems. You can then develop a corresponding list of coverage solutions that can be recommended to the client.

For example, in cases involving older structures that may no longer conform to building codes, the Increased Cost of Construction Endorsement is an obvious choice; and the Brand and Label Endorsement will help protect the manufacturer who is concerned about name recognition and the sale of salvaged goods.

Of course, your specific problem/ solution lists will vary depending on the nature of the clients you serve. But risk assessment which carefully identifies losses that can strike a client, as well as insurance coverages that will maximize recovery, can be immensely valuable in building and maintaining a sound broker-client relationship. Not only does it result in a better insurance program for the client, it demonstrates the broker’s professionalism and interest in the client’s business — including a commitment to help the client survive an otherwise disastrous loss. And it goes without saying that the broker who regularly follows and refines the practice will enjoy significant competitive advantages over his counterpart who does not!

Robb Greenspan, SPPA Adjusters International

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