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How to ensure compliance with the
best insurance coverage at the most economical cost.
Procuring insurance is unlike procurement in any other industry: you’re often required to go through brokers.
If you believe that insuring through a broker guarantees compliance with having the best coverage at the best price, you might be mistaken—especially if your broker is an agent for one of the insurers in your insurance (risk transfer) program.
Here is how to best solve your problem.
Follow these steps:
Insurable Risk Profiling identifies your insurable risks
from your Enterprise Risk Management Framework (Risk Registers).
This process ensures your insurance coverage is fit-for-purpose,
meaning you’re neither underinsured nor overinsured.
In other words, it helps you achieve the right balance
in your insurance policies to adequately protect your organisation.
If your current broker resists the process of restating their capability, it’s a strong indicator that you could secure better coverage at a lower annual cost.
A competent broker should have no difficulty restating their capability, as this is a fundamental governance requirement for all organisations. In our experience, the incumbent broker is often reappointed but usually on terms more favourable to the client.
Comprara acknowledges the traditional Aboriginal owners of country, recognises their continuing connection to land, water and community and pays respect to Elders past, present and future.
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