Protection Reestablishment PROCESS.


45 views
Uploaded on:
Category: Animals / Pets
Description
Protection Renewal Process August 12, 2003 2. Destinations. Review of protection program.Insurance issues.Insurance marketplace.Council bearing on protection restoration process.. Protection Renewal Process August 12, 2003 3. Foundation.
Transcripts
Slide 1

´╗┐Protection RENEWAL PROCESS Insurance Renewal Process August 12, 2003 1

Slide 2

Objectives Overview of protection system. Protection issues. Protection commercial center. Gathering bearing on protection restoration process. Protection Renewal Process August 12, 2003 2

Slide 3

Tom Davies Square Pioneer Manor Sudbury Airport Water, Wastewater and other Public Works operations Ontario Works Economic Development associations Transit Services Background As the biggest district in Northern Ontario serving a populace of 155,000 the City has resources and gives administrations common to a group minded region, including, yet not constrained to: Insurance Renewal Process August 12, 2003 3

Slide 4

Background Sports offices, Citizen & Leisure Service Centers Police, Fire and Emergency Medical Services Greater Sudbury Metro Board Greater Sudbury Community Development Corporation Greater Sudbury Housing Corporation Leased and possessed structures, furniture, PC and other gear with qualities in abundance of $660,000,000 Insurance Renewal Process August 12, 2003 4

Slide 5

Background Construction and upkeep of avenues and walkways; Water and wastewater treatment and circulation; Solid waste transfer; Construction, operation and support of amusement offices; Recreation and relaxation programming; Long-term care office; Public lodging; Building arranges examination and investigation; Insurance Renewal Process August 12, 2003 5

Slide 6

Municipal General Liability Errors & Omissions Liability Health Care Professional Liability Non-Owned Automobile Legal Expense Reimbursement Excess Liability Umbrella Liability Conflict of Interest Automobile Garage Automobile Insurance Program The City has different protection inclusions: Core civil scope Insurance Renewal Process August 12, 2003 6

Slide 7

Environmental Liability Property Insurance Boiler & Machinery Crime Insurance Councilors\' Accident Firefighters\' Accident Additional scope Aviation Liability Aviation Excess Liability Airport Environmental Liability Workers Compensation Stop-Loss Ontario Works Program Community Affiliates User Groups Insurance Program Insurance Renewal Process August 12, 2003 7

Slide 8

Insurance Market Insurance industry has experienced some exceptionally troublesome times recently. Poor endorsing rehearses, colossal loss of value in world securities exchanges and cataclysmic misfortunes in Europe and the USA. In the course of the most recent 24 months the protection limit (or the capacity to compose protection business) has contracted. Protection Renewal Process August 12, 2003 8

Slide 9

Insurance Market The quantity of organizations willing to compose metropolitan protection has been lessened. Insurance agencies have changed their business hones and have turned out to be more hazard loath and more steady when they compose protection. Numerous back up plans no more give scope to specific dangers, or now restrict their scope. Protection Renewal Process August 12, 2003 9

Slide 10

Insurance Market Some suppliers are not seeking after civil records. A few projects have been limited regarding scope. A few projects are equipped to littler country civil records. A few projects can\'t give a focused item (current piece of the overall industry of Ontario Municipal records is little). A few projects are experiencing issues keeping up predictable protection transporters. Protection Renewal Process August 12, 2003 10

Slide 11

Reciprocal Insurance A complementary is not a traditional back up plan yet rather a proportional protection trade. An equal is a gathering of districts that have met up to spread their dangers and misfortunes by charging a sum against every part to cover misfortunes that happen in the gathering. Protection Renewal Process August 12, 2003 11

Slide 12

Reciprocal Insurance The choice to join a corresponding ought not be seen as a protection option or arrangement. It is a noteworthy philosophical change. Joining an equal protection ought to be a cognizant long haul responsibility. Protection Renewal Process August 12, 2003 12

Slide 13

Reciprocal Insurance As an individual from an equal, you expect a specific rate of the whole gathering\'s liabilities and misfortunes for the timeframe that you were a part. Complementary can re-evaluate every part for overabundance claim misfortunes. Then again, surpluses might be partitioned amongst individuals. Protection Renewal Process August 12, 2003 13

Slide 14

Reciprocal Insurance A complementary in principle has a noteworthy preferred standpoint over traditional protection if two conditions remain constant: 1) Insurance premiums are either excessively costly or it is troublesome, making it impossible to discover appropriate protection scope. 2) There is a substantial homogeneous gathering of regions with comparable exposures. Protection Renewal Process August 12, 2003 14

Slide 15

Reciprocal Insurance A proportional would self safeguard the initial million dollars and re-guarantee limits in abundance through the traditional protection commercial center. With every one of the issues right now in the protection business, a complementary confronts a large portion of the same issues that traditional safety net providers do. Protection Renewal Process August 12, 2003 15

Slide 16

Reciprocal Insurance Upon joining a corresponding there are commitments to report claims in a way that will secure the enthusiasm of every single other part. The part approves the work of agents, outside specialists, makes installments, and helps with the transaction of settlements. Individuals must present all case liabilities and money related reports to the proportional individuals and track claims action and saves for foreseen installments on a quarterly premise. Protection Renewal Process August 12, 2003 16

Slide 17

Reciprocal Insurance Much of this work can be embraced by an appropriately named agent who is given legitimate power and a trust record to handle claims and reporting which would increment modifying cost altogether. The option is handle claims in-house which would require huge extra staff assets. Equal individuals would have significant staff assets. More noteworthy Sudbury has one and only individual committed to protection and danger administration. Protection Renewal Process August 12, 2003 17

Slide 18

Renewal Process Changes in protection rehearses manage changes in our business hones. In 2000, the Transition Board protection program delicate procedure connected the representative and back up plan together. To ensure a focused protection program that meets our necessities the specialist ought to be isolated from the back up plan. Protection Renewal Process August 12, 2003 18

Slide 19

Renewal Process This practice will guarantee that the dealer will act to our greatest advantage and will give autonomous counsel. Best to get exhortation from a merchant before the protection program offering process. Best practice would direct that solicitations for proposition for the safety net provider and for the intermediary not be simultaneous. Protection Renewal Process August 12, 2003 19

Slide 20

Renewal Process Claims change is basic to appropriately dealing with our protection costs. The cases agent must follow up for our benefit and to our greatest advantage. Best practice would direct that solicitations for recommendations for cases modification be issued simultaneous with that for the representative to guarantee unprejudiced nature of both the agent and the agent. Protection Renewal Process August 12, 2003 20

Slide 21

Renewal Process These two administration suppliers will have a fantastic chance to familiarize themselves with and get to be educated about the protection dangers and protection prerequisites of the City. By expansion then, they will have the capacity to give astounding counsel to guarantee an appropriate choice of and smooth move to another safety net provider if so granted. Protection Renewal Process August 12, 2003 21

Slide 22

Renewal Options Option# 1 Best Preferred Extend the present dealer administrations assention for a two-year time span finishing December 31, 2005. Expand the present cases alteration administrations assention for a one-year time frame finishing December 31, 2004. Amplify the present protection program for a one-year term to January 1, 2005. Protection Renewal Process August 12, 2003 22

Slide 23

Renewal Options Reasons why: By expanding the protection program for one more year, the protection business will have the chance to regroup and protection expenses may settle. Future recharges (by delicate) can be set for stunned terms with the goal that tenders are not issued simultaneously and not in a race year. Protection Renewal Process August 12, 2003 23

Slide 24

Renewal Options Reasons why (proceeded with): Broker administrations are not connected to a specific insurance agency yet rather the specialist expert turns into a key asset to the City acting to our greatest advantage. Board has the chance to restore the protection program and the understandings for specialist administrations and cases change before "intermediary" arrangements produce results. Protection Renewal Process August 12, 2003 24

Slide 25

Renewal Options Option# 2 Next Best Preferred Issue a Request for Proposal for dealer

Recommended
View more...