We are considering undertaking a review of our current insurance policies to ensure that cover is adequate and there are no gaps. I would be interested to know if any companies have used an external party to undertake such a review – and would they recommend the firm they used.
Your current insurance broker should be able to undertake a ‘challenge review’ and be able to undertake all of this type of work free of charge. Or if you are having doubts about the incumbent broker an alternative larger insurance broker would be able to do the same – hopefully at no fee as a loss leader with a view to picking up some business. But they will tell you why they are better than the incumbent and try to do down what you have! I have not used MacTavish – but have spoken to them a number of times. They are consultants that would generally outsource this type of work to larger insurance brokers.
I would think this should come under your broker responsbilities. However, whilst I have not used Mactavish, I have had good recommendations of their work, so you could consider them for the role.
Our broker did what they called a ‘challenge review’ where they spoke to all the different parts of the business (almost as if they were newly appointed) and compared activities/contractual requirements with the cover in place. We found it very useful in identifying any gaps (both contractually and risk-related), as well as confirming that cover was appropriate in most areas.
Your broker should have policy wording and sector specialists who can do this as part of their fee.
We would ask our brokers to undertake such a review, and have done so recently as part of a tender exercise for their appointment. If you have an appointed loss adjuster it is also worth asking them to “claims test” your existing policies.
We have just carried out a similar review using Mactavish. Would recommend.