Risk Consulting Services:
Managing risk in a large firm requires expertise across multiple disciplines. Executives need problems solved concise, understandable solutions while they maintain a tight focus on critical issues. DRA’s consulting services allow firms to make timely and knowledgeable decisions. Risk Consulting is a continual process which does not start or stop with a firm’s insurance renewal.
Risk Identification & Assessment:
Firms face unavoidable daily business risks. Contract issues, inadequate personnel experience, and employee issues are examples of risks which can divert focus from providing promised services and managing critical issues. For large firms these risks can be complex and costly. DRA works with clients to design a risk management and insurance program that identify critical exposure points while assessing individual risk tolerance. Program parameters should compliment a firm’s corporate and financial goals.
Insurance Marketplace Presentation:
Dealey, Renton & Associates (DRA) reviews application and underwriting details and consults with firms to help them understand the underwriting implications of each question and develop responses to mitigate the underwriting perception of high risk activities, project types, and past claims experience. Our approach allows firms to understand areas they can manage to lower their total cost of risk, and be presented in a position to positively influence underwriters to provide a cost effective insurance program.
Risk Management & Mitigation:
Insurance procurement is one part of a continual process for effective Risk Management. DRA doesn’t wait until a firm’s next renewal or an issue arises to provide:
- Risk Analysis & Coverage Review
- Monthly Newsletters
- Practice Management Workshops
- Quarterly Webinars
- Contract Review Assistance
Claims Management & Loss Control
Professional Liability and Commercial Insurance claims are highly personal to the professionals and firms involved. They are often complex in nature and commercially sensitive. Large firms often experience claims frequency and require robust claims administration, but with claims adjusters who understand design and construction process and a broker who can intervene when service expectations are not met.
- Potential Claim Reporting Assistance: When performance issues arise, DRA will counsel you about the reporting of claims and circumstances and explain the claims process. Due to the sensitive nature of professional malpractice claims, and the complexity of errors and omissions policies, the speciﬁcs and timing of the claim report can be critical.
- Claims Process Education: Each insurer has a unique approach to the claims management process. DRA assists ﬁrms in navigating the parties assigned to work on their behalf. Whether an insurer uses Internal Claims Adjusters, Third Party Administrators (TPA), or Monitoring Counsel, DRA’s objective is to make a seemingly complex process streamlined and understandable.
- Localized Representation: DRA has developed longstanding personal relationships with a number of cornerstone law ﬁrms in California who specialize in representing design ﬁrms. Many of these law ﬁrms are longstanding industry partners in the design community. Defense Counsel is retained on your behalf to represent your ﬁrm’s interests and be your ﬁrm’s voice to address arbitration and litigation..
- Effective Advocacy: We will also serve as your advocate should the insurer not respond properly to your claim. DRA has experience working with claims adjusters and defense counsel on deductible/retention management, oﬀsetting professional fees, business income valuations and identifying rarely used policy credits.
Post-Loss Evaluation and Negotiation
Subsequent renewals after severe or frequent claims can present uneasy conversations for management teams and CFOs. DRA provides post claim analysis allowing ﬁrms to review their limits and deductibles for cost eﬀective savings and to budget appropriately. Assistance with lessons learned letters and retooling the application support ensures your unique story is heard. When it comes time to submit a ﬁrm’s application to the broader insurance marketplace DRA consults with each ﬁrm about the right approach for their desired outcome.